25, November 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar tries to continue the growth. The US dollar fell against the Japanese yen on Friday. The Japan Finance Minister T. Aso expressed his concern about the rapid Japanese yen decline that set the trading tone.

The correctional price fell from the resistance level of 118.00 to the lower bound uplink of 117.50. There the short-term consolidation near the mark was formed, indicating the bullish trend continuation. As a result the pair broke the level of 118.00 upwards.

The price is finding the first support at 118.00, the next one is at 117.50. The price is finding the resistance at 119.20.

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 a horizontal movement and the Kijun-sen shows an upward 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

When the price consolidates above the level of 118.00 it may go to the level of 119.20.