20, August 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The buyers could not break through 102.60 last week and decided to try again yesterday. The level was unbroken at last. The intraday resistance level of 102.60 is a strong resistance on the daily chart. This level has been kicking buyers down for six months. Its break means a lot for buyers.

The price is finding the first support at 102.60, the next one is at 102.23. The price is finding the first resistance at 102.90, the next one is at 103.30.

There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are directed upwards. The Cloud is growing.

The MACD indicator is in a positive territory. The indicator is growing.

Trading recommendations

We expect a rebound down to a rising trend line 102.15 - 102.20