26, February 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair began week with a gap. Perhaps, after a few weeks of a flat the market resumed its movement. Still it is still early to make conclusions as the senior graphics show an upward movement, while a smaller timeframe shows a downward one.

At the moment, a buy signal is canceled. The Chinkou Span is below the price chart and the price is below the Ichimoku cloud and below the Kijun-sen.

If the price is fixed under the cloud, it is possible a change of its direction and the beginning of the southern movement.

Bollinger Bands indicator bands are broadening and turned down, confirming the bearish mood in the market.

MACD is also down, confirming the downward movement.

Trading recommendations

It's recommended opening short positions with the first target 90.95. Having overcome this level the price will go to 90.04.

Southern movement will be possible after price fixing below the Ichimoku cloud.