22, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The conflict in Ukraine puts pressure on the world's leading stock exchanges which also serves as a negative factor for the “bulls” in the dollar/yen pair.

The northern movement prevails in the long term trend. The continued consolidation between 102.23 - 103.00 led to a short-term uptrend line retest from which there was a rebound up at any given time.

The first support is 102.23. The fist resistance is 103.00, the next is one 103.80.

The Kijun-sen and the Tenkan-sen are directed upwards. The Tenkan-sen is crossing the Kijun-sen upward. The pair is in the Cloud. The Cloud is directed down. The southern movement remains until Kijun-Sen is above the price.

The MACD histogram is in the positive zone.

Trading recommendations

The next support level 103.00 should be considered as a potential rebound target. The uptrend potential remains on buyers side until the trading process continues in the trend line direction.