19, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency had reduced against the dollar at first, closed Friday's session with a convincing "profit". The support for the dollar/yen, which took place for a short time amid the Bank of Japan head H. Kuroda’s speech, expressing disagreement with the opinion that the further monetary policy easing possibility is limited, changes under the pressure the "Treasuries " impressive rising for the third consecutive day.

The support is 101.00. The first resistance is 101.60, the next is one 102.23.

The price is in the Cloud and it is above the Chinkou Span.

The downtrend movement will be until the price is under the Kijun-Sen.

The MACD indicator is in neutral territory.

Trading recommendations

The 101.35 mark failed test signals that we expect the consolidation formation with the further price bounce up.

The potential bounce targets will be two the resistance levels located at 102.25 and 102.65.