21, March 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The buy signal is still weak. The pair is being traded in the cloud.

The price is above the Kijun-Sen and Tenkan-Sen, the indicator lines directed downward.

The Chinkou Span is higher than the price that confirms the current buy signal and indicates a bullish mood of the players.

Bollinger Bands are narrowing. The indicator channel is down trended; the middle line is going down.

MACD histogram is moving in a negative zone and falling. Indicator shows the continuation of the correction.

Trading recommendations

The pair continues working out a buy signal still the pair is in the cloud that can change the direction of the trend.

The indicators suggest a short-term correction. If the correction continues the pair will go to the level 94.65.

Should the pair return to the northern movement, the first goal will become 96.00. After consolidation at it the price will move up to the level 96.55.