23, December 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The pair managed to hold above the price range 103.75-104.00 which confirms the growth to a potential target in the area 110.70. The mark 105.00 may become a short-term goal which is able to temporarily limit the strengthening of the pair.

The nearest support is at 102.50 remains, the next one in the area 101.10-101.60. However, only a break below it will indicate the formation of sufficiently long correction in the direction of the 200-day SMA.

The sell signal is cancelled. We have a confirmed and strong buy signal. Chinkou Span below the price, the price is above the Ichimoku cloud.

Northern movement remains until the price is above the line Kijun-sen. Tenkan-sen and Kijun-sen are growing.

Bollinger bands show the upward movement continuation.
MACD histogram crossed the zero line upwards, giving a signal to buy.

Trading recommendations

Dollar growing volumes do not look strong but after the price fixing above 104.00, the bullish trend remains relevant.
The growth target is 104.50. Then we expect it to grow to 105.00.