14, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese yen fell to a two-month low against the dollar, amid the Japanese stock market growth. The Nikkei 225 index jumped by 2.2% to nearly 2-week high.

After overcoming the mark 99.00 the pair's future looks positive, and a medium-term growth is expected to be continued to 103.75. If the pair breaks 100.60 minor resistance we will get another confirmation of the uptrend.

There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen is directed downwards, Kijun-sen is horizontal.

Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a positive area right now. The histogram is decreasing.

Trading recommendations

Any attempt to go down is likely to be limited by the nearest support at 98.30-98.60. However, only a break below it will indicate a further decrease to test the key support area 95.80-96.50.