24, February 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair dollar/yen declined amid the risk aversion last week as the Greek crisis current phase has forced investors to keep looking for a refuge. The information about the draft agreement between the Greeks and the Euro group provoked the pair reversal.

Sellers have tried to break through below the strong support level of 118.00 for three times last two weeks. There has been the price rebound upwards for three times.

The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”.

The MACD indicator is in a neutral territory. The price is falling.

Trading recommendations

The downward movement potential target is 118.00. If the price grows it will get to 119.20.