18, August 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The dollar/yen trading was marked by multi-directional maneuvers session and fell by the end of trading. The yen can get the support from optimism in the Japan stock market. We do not expect important news from Japan and the yen will remain under the influence of risk appetite and, as usual, the USA economy news.

The third week volumes have been shown a correctional growth rates weakening from the support level 101.75.

The price is finding the first support at 102.23, the next one is at 101.70. The price is finding the first resistance at 102.60, the next one is at 102.90.

There is a confirmed and weak sell signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are turning down.

The MACD indicator is in a positive territory. The indicator is descending.

Trading recommendations

The price bounced down. The correction has been preparing for several weeks it will be continued to 102.23 and 102.