15, August 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Due to a possible monetary easing by the Bank of Japan, as well as conversations with respect to the restriction of the Fed, the pair is likely to continue moving upward.

The pair is moving according to the expectations and has entered into the upper trading range between 97.82 support and 98.37 resistance.

The pair has three separate peaks around 98.25/27 and need to break through this area to encourage buyers. The 100 day moving average will be the next big key level, it currently runs at 98.78.

Trend Tenkan-Sen and Kijun-Sen intersected in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to decline. The price is over the cloud.

Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD left a negative area.

Trading recommendations

So far the pair did not manage to overcome the area 98.53-98.72, but in the medium term, USD / JPY has a good chance to test the maximum of August, 2 just below 100, if it manages to avoid the daily close below the important support 96.95. According to dealers, at the moment the stop-orders for sell are noted below 97.80.