24, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency was held in a narrow range and closed trades at an almost opening prices. Probably, the main drivers were at Thursday's session were the repatriation of profits going to Japan and the decline of the U.S. "Treasuries" that stalled the growth and profitability of the Central Bank.

The first support level is 102.23, the next one is 101.60. The first resistance level is 103.00, the next – one 103.80.

The pair is growing. Kijun-sen and Tenkan-sen are horizontal. The northern movement is strong. The cloud is neutral. The pair is in the Cloud now. The northern movement remains until Kijun-Sen is below the price.

Trading recommendations

It is likely that the pair will spend the day within the flat 103.00 - 101.23, or else the bulls will succeed the second time in testing the resistance level 103.00. But they need to break above 102.50 first.