14, November 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese yen was traded against the dollar in the side consolidation and closed the session with small losses. Obviously, the pair little activity was the result of the different rumors related to the Japan fiscal policy that decide the sales tax fate, the possible early parliament elections and also amid the neutral events in the stock markets.

There was the support level of 115.80 testing. It was amid the low volumes and failed to break above this level. The price is consolidating below this level.

The price is finding the first support at 114.60, the next one is at 113.50. The price is finding the first resistance at 115.80, the next one is at 117.00.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is consolidating.

Trading recommendations

After the trend line 115.80 breakthrough upwards the way to the resistance 117.00 will be opened.