18, February 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese economic news was not published; the pair dollar/yen traded in the narrow range under the influence of the Japan stock and bond market events. As for the prospects, in the terms of tension increase related to the euro area conflict situation, interest to the yen as a refuge, apparently, is still preserved.

After the strong support level of 119.20 breakthrough the price returned back to this mark, serving as a strong resistance.

The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement.

The MACD indicator is in a neutral territory. The price is growing.

Trading recommendations

The price is likely to go to the support levels of 118.00 and 117.00.