16, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The yen remained under pressure after the Bank of Japan Governor Haruhiko Kuroda said the bank was ready to ease the monetary policy or to use other measures, if the inflation rate reaches 2%.

The buyers could update the last year maximum – the level of 105.50. The movement direction depends on the support level of 107.60 strengthing.

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 downward movement and the Kijun-sen shows a horizontal 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

We recommend longing the market after dips to the levels 106.60 and 106.30.