22, 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 pair is in correction.

The price is above the Kijun-Sen and Tenkan-Sen, the indicator lines directed aside, the Cloud is neutral.

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

Bollinger Bands band stopped narrowing and formed a side channel.

MACD histogram is on the zero line.

Trading recommendations

Indicators suggest the lateral movement.

The pair continues working out a buy signal still the pair is in the cloud and can change the direction any time.

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.