24, July 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese yen like the sterling, recorded a small loss against the dollar. The yen decrease in the Asian session amid the Japan rising stock market wasn’t performed well due to the same geopolitical tensions and the renewed U.S. "Treasuries" profitability fall.

The resistance level of 101.60 retest was followed by the volume, but the buyers are not able to continue the dollar strengthening against the yen.

The price is finding the support 101.00. The price is finding the first resistance at 101.60, the next one is at 102.23.

There is a confirmed and weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden cross”. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a neutral territory.

Trading recommendation

The upward bounce potential target is the level of 101.60. The pair can consolidate in the area of 101.20 – 101.00.