21, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The yen weakened before Bank of Japan meeting, dedicated to the discussion of the monetary policy parameters of monetary policy, which began on Wednesday. The dollar rose again above the level of 100 yen. Nearly three-quarters of economists polled by Bloomberg expect the central bank to expand stimulus programs in the first half of 2014.

There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are horizontal

Bollinger Bands indicates the change of the trend. The bands are widening and are going upwards.
The MACD is in a positive area right now. The histogram is decreasing.

Trading recommendations

To continue the growth the pair has to update the maximum of 100.40 on 15.11.2013. And to consolidate above the intermediate the descending trend line 100.25. Should that happen the way to 100.60, 101.00 and 101.30 will be opened.