24, February 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Japanese yen strengthened versus all its major opponents amid the risk appetite decrease. The pair hold its positions above 102.20, thus the risks remain ascendant, and a growth is expected to the maximum 105.40.

There is a confirmed and strong buy signal. Chinkou Span is below the price, the price is above the Ichimoku cloud. Kijun-sen and Tenkan-sen are directed upwards. The Cloud is growing as well.

Bollinger Bands indicator shows a lateral movement as its bands are expanded and directed aside. MACD is growing, showing a buy signal.

Trading recommendations

If we have a 102.60 retest on the same volumes that occur now, the price is quite likely to rebound down. The potential rebound target will be 101.75 or the support level 101.60.