23, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The U.S. dollar corrective strength allowed the buyers to break the strong resistance level 102.50. The level break happened amid the diminishing volumes backdrop and came to the upper rising channel 102.70.

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

There is a confirmed and weak sell signal. The price is in the Cloud and it is below the Chinkou Span.

The southern movement remains until Kijun-Sen is above the price.

The MACD histogram is decreasing. The indicator is in the positive zone.

Trading Recommendations

The price growth stopped at 102.70 and caused the trend line 102.60 break. This break can be a good sign for at least a corrective pullback. But to confirm it the sellers need to break below the strong support level 102.50. In this case, the way to 102.00 and 101.85 will be opened.