21, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Despite the claims of Bank of Japan Governor H. Kuroda at an international symposium that the central bank will, if necessary, add the mitigation measures, the dollar/yen was traded in a very narrow range most of the time at yesterday's session.

The support level is at 102.23 point, the next one is 101.60. The first resistance level is 103.00, the next one is 103.80.

The pair is growing. Kijun-sen and Tenkan-sen are horizontal. The northern movement is strong. The cloud is neutral. The northern movement remains until Kijun-Sen is below the price.

Trading recommendations

Due to the fact that the U.S. dollar steadily strengthened versus the major currencies, it’s possible that the current level 103.00 will be tested for strength. And if tarders are able to punch it up further, the continued growth to the downward trend line 103.80 is expected.