19, August 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

USDJPY failed to break above the strong resistance level 98.60. There was a good bounce down, through which however important support level 97.65 was breached opening the way to a mark 97.00.

Trend Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to decline. The price is in the cloud. The Cloud is neutral.

Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD left a positive area.

Trading recommendations

Currently, the USD / JPY is testing the 97.65 level. In the case of a failed retest, there will be a rebound with a further continuation of the bearish trend. There nearest target is the same level 97.00, which being broken down can cause a good falling with reaching such targets as: 96.75 and 96.35.
Break of 97.00 support will pave the way for the next potential targets: 96.75.