24, December 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Japan again will please traders with interesting statistics in the first half of the day, the pair dollar/yen will replicate the Nikkei 225 stock index futures dynamics.

Slowly but surely, buyers continue to raise the price up at the low volumes. The upward trend is gradually coming out, as evidenced by the sluggish volatility.

The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60.

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 shows an upward movement and the Kijun-sen shows 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 growing.

Trading recommendations

After the trend line 120.40 breakthrough upwards the way to the support 121.60 is opened.