29, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The U.S. dollar was down versus the Japanese yen after it failed to break above the strong resistance level 102.60. The dollar decline does not maintain the volumes, the sellers' strength gradually weakens, which in the long term can lead to the upward trend continuation.

The first support is 102.23, the next one is 101.60. The fist resistance is 103.00, the next is one 103.80.
There is a confirmed and weak buy signal. The price is above the Cloud and it is below the Chinkou Span.

The uptrend movement will be until the price is above the Kijun-Sen.

The MACD histogram is at zero area.

Trading Recommendations

The price decline main goal is the upward trendline lower bound 101.70. This level retest can be accompanied by the consolidation formation. Then the price rebound up is possible. The potential upside target will be the 102.60 level. Its breakthrough opens the way up to a maximum of April - the 104.00 resistance level.