27, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The level 101.35 was broken for a short-term and the price returned to its last levels soon. Sellers failed to consolidate below the key support to confidently continue the downtrend.

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 103.00.

There is a non-confirmed and weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The uptrend movement will be until the price is above the Kijun-Sen.

The MACD indicator is in neutral territory.

Trading recommendations

The price is back to the mark 101.35 that led to its exit from the downward channel. The upper bound channel break opens the way to 101.85 102.25 and 102.65.