17, July 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The current buy signal is confirmed but weak as Chinkou Span is below the price, and the price is below the Ichimoku cloud. The price corrected yesterday having stopped in the area 98.90. In the case of overcoming this level the downward movement will be continued to the support level 97.90.

The downward movement will be relevant as long as the price is below Kijun-sen.

Chinkou Span is below the price, which confirms the current sell signal and indicates a bearish market sentiment of the pair.

Bollinger Bands show a continuation of the upward movement, still its bands are turning down after the price.
MACD is directed down, confirming the current downtrend.

Trading Recommendations

The pair will continue trading in the range 99.71-100.51, while before the speech of Ben Bernanke, the Fed chairman before the U.S. Congress that will be held on Wednesday, the market participants will not take any action.