23, October 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The government data will probably show on October 25 that nationwide consumer prices excluding fresh food rose at 0.7 percent last month, according to the median forecast of economists surveyed by Bloomberg. In Japan, inflation rose to 0.8 percent in August, the fastest pace since November 2008.

Analysts surveyed by Bloomberg said that the yen was likely to be at 101 per dollar by December 31.

Bollinger indicator shows the neutral position, the bands are aligned to the horizon.
MACD is pointing down, saying the current corrective movement.

The price could fix below Chinkou-span, the pair is in the Ichimoku cloud, the buy signal is weak and confirmed.

The upward movement will remain if the price stays above 98.36.

Bollinger Bands indicates the change of the trend.
The MACD is in a negative area right now.

Trading recommendations

To move up, the pair needs to break 98.00 and consolidate above it.

In case of breaking up the potential upside target will be two levels of the resistance located at 98.65 and 99.00.