19, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese yen continues to retreat - the market is clearly sympathetic to the U.S. dollar, especially after the day before Janet Yelllen, monetary politician, to succeed Ben Bernanke as head of the U.S. Federal Reserve, has confirmed her intention to follow the course of loose monetary policy.

Many speculators are now awaiting correction on Nikkei 225 Index and S & P 500. We can make an assumption that the stock market indices show a further small increase to raise stops of speculators, and then turn on the correction.

There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are horizontal

Bollinger Bands indicates the change of the trend. The bands are widening and are going upwards .
The MACD is in a positive area right now. The histogram is decreasing.

Trading recommendations

The nearest resistance is the mark 100.40. This level retest was accompanied by a low cooldown. The roll back potential target is the sloping support line 100.00 where the price will apparently fall in the beginning of the week.