21, February 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The pair still cannot continue to grow, but risks remain ascendant, and the aim of uptrend is to test the high 105.40. However, only a break and consolidation below 100.00 removes completely positive expectations, signaling the transition to long-term correction.

There is a confirmed and strong buy signal. Chinkou Span is below the price, the price is above the Ichimoku cloud. Kijun-sen and Tenkan-sen are horizontal. The Cloud is neutral.

Bollinger Bands indicator shows a lateral movement as its bands are expanded and directed aside. MACD is growing, showing a buy signal.

Trading recommendations

The price is in a range 102.60 - 101.60. If the price approaches the support level 101.60 we can expect a bounce up.

If the retest of the level 101.60 will be accompanied by the consolidation rebound with the aim - 102.60 may happen.