20, August 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The USDJPY still remains bearish and as long as price moves in the direction of the descending line, it is recommended to make the sale on correctional pullbacks.

Trend Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to decline. The price is in the cloud. The Cloud is neutral.

Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD left a positive area.

Trading recommendations

A gentle fall of price during the last week speaks of the possible imminent upward correction. It is necessary for this price to overcome the resistance level 97.65, that will open the way to the first downward trend line 98.25.

Alternative variant

As an alternative we may consider further price movement of the trend down. The price needs to rebound from the resistance level of 97.65. The nearest target is the level 97.00.