27, August 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The two weeks American dollar growth has been stopped at the resistance level of 104.35. The level formed the correctional wave, enabling the sellers to break below the support level of 103.70.

The level of 104.00 testing comes amid the low volumes. The pullback has no any special support from the sellers. And, apparently, the dollar decline against the Japanese yen will be stopped at the next support level of 103.70.

The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the first resistance at 104.00, the next one is at 104.35.

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 downward 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 fixing.

Trading recommendations

The downward trend line 103.70 retest is more likely to lead to the strong price support level 104.35 growth.