18, April 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair keeps going down. The yesterdays’ trading was over at the resistance level 97.80.

The pair is above the Kijun-Sen and Tenkan-Sen, Kijun-Sen line is pointing down, the Cloud stopped growing and began to descend.

Bollinger bands began narrowing.
MACD is in a negative zone.

Trading recommendations

The pair is being traded in the Cloud, which indicates the uncertainty of the market. All further movement depends on macroeconomic news. In the case of the downward scenario the pair will go to the level 96.55, a foothold on which pair will continue to decline to the level 96.

There might be a correction in the direction of the level 99.30.