26, August 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

USD / JPY continued to grow on U.S. data on Thursday but it could not take the important technical resistance levels. USD/JPY has responded to growing belief that the Fed will begin narrowing the program sooner rather than later

In the long term the trend is bearish according to technical charts. Bears have the ultimate goal down - 92.53. The key short-term resistance is coming at 99.50.

Trend Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to grow. The price is above the cloud. The Cloud is neutral.

Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD is in a positive area and is growing.

Trading recommendations

The pair is drawing much attention. The pair could not break through 98.80. The next obviously psychologically important level is the level –100. However, the quotes are still holding above clearly defined downtrend line. The confident continuation of growth will point to a decisive breakthrough.