17, February 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Japanese yen also grew versus the dollar, though its confident growth in the first half of the session was interrupted and replaced by a fall in the second.

The pair continues its correction. Meanwhile, as the pair held above 100.00, medium risks will be directed towards a growth, and after the completion of the current phase of the correction, which can result in significantly higher mark 100.00it is expected to continue the upward trend in the direction of the maximum 105.40.

There is a confirmed and weak buy signal. Chinkou Span is below the price, the price is in the Ichimoku cloud. Kijun-sen and Tenkan-sen are horizontal. The Cloud is neutral.

Bollinger Bands indicator shows a lateral movement as its bands are expanded and directed aside. MACD is descending, showing a sell signal.

Trading recommendations

The corrective strength of the U.S. dollar was stopped at 102.60. The immediate support level 101.60 is already tested. To continue the downward trend, the pair has to consolidate below 101.60. In this case, the way to 1012 will be opened before the sellers.