17, September 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

USD/JPY returned to the broken level. In short term the pair may find support at the uptrend line, which together with the downtrend line form a triangle. As long as this support holds approximately 97.85 a bullish trend will be in force. With the growth the target 100.60 is the last peak, and then comes 101.54, the July high.

Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to grow. The price is above the cloud. The Cloud is growing.

Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD is in a positive area and is descending.

Trading recommendations

For the second time, there is an approach of the price to already to support level 99.10-99.00 which already had time to manifest itself. If this level is broken down the decline of the U.S. dollar against the Japanese yen will score a lot more potential. The support level 98.70 will be the closest target. Further price reduction will open the way to 98.40.