17, July 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency also fell against the dollar. However, it is worth noting that the yen sales were not as active as they could be in this situation, when the Japan stock market experienced growth and the Fed chief's statements positioned investor optimism on the dollar. Perhaps the reason is the stock market good sentiment lack and resumed U.S. government bond yields falling. In addition, the BoJ decisions could form the pair’s pessimism.

The price is finding the first support 101.60, the next one is at 101.00.

The price is finding the first resistance at 102.23, the next one is at 102.70. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement, and the Kijun-sen – horizontal and form a “Golden cross”.

The MACD indicator is in a positive territory. The price is going up.

Trading recommendations

We believe the growth will be continued now. The first target is the level 102.23.