17, December 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Traders’ attitude towards the yen was mixed last week. Attitude changing due to events at the stock market, the USA government debt market as well as the technical factors the dollar/yen reaching important resistance levels caused a mixed trading that ended with another falling on.

Chinkou-span is above the price, the pair is above the Ichimoku cloud. Tenkan-sen is directed upwards, Kijun-sen is horizontal. Chinkou Span is below the price, the cloud is growing.

Bollinger Bands still indicate an upward movement. The bands are widening and directed upwards. MACD is located in a positive zone, slightly below its signal line.

Trading recommendations

The pair re-fixed below the day resistance 103.40. This resistance breakthrough will mean a corrective decline, the target of correction is 102.60.