27, November 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Taking into consideration the US moderately positive macroeconomic statistics we can expect the dollar growth, but in connection with the Thanksgiving Day celebration and on this background the stock market participants took profits on the long positions yesterday.

The price is consolidating above the strong support level of 118.00 amid the low volumes.

The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.

There is a confirmed and a weak buy signal. The price is on the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is consolidating.

Trading recommendations

If the price fixates above the resistance level of 118.00, it may continue the upward trend in the short term. The potential target is 119.20.