20, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency grew up at the auction versus the dollar, but a new local extrema wasn’t noted. Obviously, the current uncertainty in the market pushes the investors to wait, especially, on the eve of such an important event as the expected appearance of making the Fed's monetary policy.
The performance of the Bank of Japan at the International Symposium on the market didn’t cause any reaction, because did not contain anything new, but a member of the Japanese CB T. Kiut expressed some doubts, that the Central Bank will be able to safely raise up the inflation target to 2% in the two years since the negative impact of an additional easing could outweigh the benefits.

The support is 101.060. The resistance is 103.

The pair is growing. Kijun-sen and Tenkan-sen are horizontal. The northern movement is strong. The cloud is neutral. The northern movement remains until Kijun-Sen is below the price.

Trading recommendations

The volumes of the rebound from the support level of 101.25 formed a high. On the way bulls passed the strong resistance level 101.65. The break of this level will result in up to actively buying growth rates. The main targets will be 102.23, 102.65.