19, April 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair continues to move in a sideways channel. The price reached the resistance level 97.80 in late trading Wednesday and it is still being traded around it. As we can see, the bullish trend is still in force. It is possible that we will see the pair testing the psychological level 100 soon.

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, closing the price channel.
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.