26, June 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The dollar/yen showed mixed trading the first part of the yesterday having fallen at the end of the day. When the market saw U.S. positive economic reports the pair fell sharply having fixed the yen buying. It is unlikely that this instrument will change the activity. We expect the consolidation to be continued.

The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70.

The price is below the Cloud and it is above the Chinkou Span. The downward movement will be until the price is under the Kijun-Sen. Kijun-Sen and Tenkan-Sen are horizontal, both lines are directed down.

The MACD indicator is in a neutral territory.

Trading recommendations

The trend is a down side. We expect the level of 101.60 testing soon.