15, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar continues to receive support through hopes for the Fed meeting on September 17 which is expected to gain an aggressive attitude and to change the strategy intent statements, in particular, in the commentary about the rates conservation at low levels for a long time.

The price is finding the support at 107.10, the next one is at 106.70. The price is finding the resistance at 107.60.

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 shows a horizontal movement and the Kijun-sen shows an upward movement. 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

The potential decrease targets are the support levels: 106.70, 106.30.