24, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar/yen may continue to consolidate near the 109th figure. It is difficult to expect surprises from the US macroeconomic statistics in manufacturing sector according to PMI index. The Japan internal situation is negative.

The pair USD/JPY is corrected to the rising trend line of 108.50. Partly consolidation below 109.00 led to the downward correction.

The price is finding the support at 108.50, the next one is at 108.00. The price is finding the first resistance at 109.00, the next one is at 109.40.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is consolidating.

Trading recommendations

The upward movement potential target is 109.40.