17, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The dollar/yen was no exception and also held the trading in a sideways. The weak USA news supported the yen, but not for a long time, the dollar returned to its positions and the session was closed at the opening prices. Japan did not publish any important news. The yen fell versus the dollar after the V.J. Kuroda’s speech that supported the “pigeon” sentiments.

The first support is 101.60, the next is 101.00. The first resistance is 102.23, the next is 103.00.

The Kijun-sen and the Tenkan-sen are directed downwards. The Tenkan-sen is crossing the Kijun-sen down. The southern movement is strong as the pair is below the Cloud. The Cloud is directed down. The southern movement remains until Kijun-Sen is above the price.

The MACD histogram is still located in the negative zone and it is lower then its signal line.

Trading recommendations

The U.S. dollar pullback led to a 102.23 breakthrough. The main growth target is a strong resistance level 103.00.