19, August 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The dollar/yen is slowly growing up having finished the day with positive results. The reason for the buying was weak USA economy releases which caused the US government bonds growth which consequently reduced their profitability.

The buyers tested for strength the strong resistance level of 102.65 second time over the past three weeks. This mark is an insurmountable barrier which has been bounced buyers down for six months.

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 buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are horizontal. The Cloud is neutral.

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

Trading recommendations

To continue the uptrend the bulls need to update the maximum of the previous month - 103.08. In this case, the price is expected to go to 103.90 - 104.00