25, July 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

Overview

The Japanese yen held the multidirectional consolidation against the dollar and closed the trading with a minor flaw. Probably, the absence of the express preferences in the stock markets and the U.S. market government debt influenced the pair while the U.S. released any sensitive information.

The price is finding the first support at 101.00, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70.

There is a non-confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Golden cross”. The up ward movement will be until the price is above the Cloud.

The MACD indicator is in a neutral territory.

Trading recommendations

We believe the growth will be continued now. The first target is the level of 101.80. If the pair breaks this level it may go to 102.23.

Still the bears can return and pressured the pair down below 101.50.