19, December 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview
Yesterday, the Japanese yen showed strengthening versus the dollar. We expect traders to continue fixing profit due to the uncertainty that is associated with the Fed's decisions on the USA monetary policy.

Yesterday's news feed showed significant data on the Japanese economy, it became clear that there was recorded an increase of the trade deficit to 1292.9 billion yen due to the increase in imports by 21.1 % y/y in November and maintaining exports at 18.4 % y/y.

The pair continued the growth. It may continue growing if the price breaks the price range 103.80-104.02. The potential target is 110.72.

The sell signal is cancelled. We have a confirmed and strong buy signal. Chinkou Span below the price, the price is above the Ichimoku cloud.

Northern movement remains until the price is above the line Kijun-sen. Tenkan-sen and Kijun-sen are growing.

Bollinger indicates a growth continuation.

MACD rises. The histogram is in positive zone.

Trading recommendations

Bulls dominate at the market. The price is likely to reach 104.40 today.