20, June 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The pair is being corrected now but the correction phase of the Japanese currency will be short: any deviation from the stated policy of the Japanese can undermine its credibility.

The bank argued that attempts to develop the Japanese currency upward movement could result in a very aggressive new measures by the Ministry of Finance and the Bank of Japan.

The term remains bearish in the long. But the pair is now being corrected. Chinkou Span is below the price. The price is below the Ichimoku cloud.

The price is being traded above the Kijun-Sen and Tenkan-Sen, Kijun-Sen line is geared up, the cloud has a downward shape.

Bollinger Bands show a downward movement, the bands are broadening.
MACD is directed upward, indicating the current uptrend.

Trading Recommendations

The pair is being consolidated after a fabulous start and after a good correction. We can see the pair forming a bearish flag that can lead to the fall.

The signal for the bears to take decisive action can serve as a breakthrough that flag down.

The targets of the flag:
1. 90.5
2. 88