18, February 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Ichimoku Cloud Analysis on JPY/USD shows us that the price could leave the Ichimoku cloud having jumped out of it to the level 93.50. The buy signal is again actual as the price is above the Chinkou Span and the Ichimoku cloud.

Now we can have two scenarios:

It might be either short-term correction or a flat at 93.50
Or the price will continue moving up. If that happens the resistance level 94.65 might become the first target. When the price consolidates above it the price might continue growing to 94.65.

Bollinger Bands are turning up.
MACD is  turning up.

Trading recommendations

Our short term forecast- stay out of the market. It is better not to open anything until the pair sets its mind. Right now it can move in both ways: up or down. If the price goes down that might be a correction. If the price continues to grow that may become a upward movement.

Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.