17, October 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

On Tuesday, the Prime Minister Shinzo Abe declared that half the country had overcome a long-term deflation, still the government should not stop their efforts.

The pair cannot overcome the resistance at 98.72 and this level keeps the pair above from October. The level 98.02 is the nearest support for the pair. The price chart could be fixed below the line Chinkou span soon.

Trading recommendations

If the price can break above 98.62 and get out of the side corridor, the chances of upward movement will rise sharply. The resistance levels 99.02 and 99.32 will perform as potential targets.