29, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar/yen yesterday's session was held in multidirectional trade and closed the day nearly on opening prices. Obviously, the market is waiting for new guidelines, as political events related to the Bank of Japan statements and contain conflicting signals and do not have certain conclusions. Under these conditions, the increased importance get the Japanese economy April data, especially the consumer price index (CPI) which will be released in the last trading day of the week and month.

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 indicators do not give certain signals. The market content is bearish though the pair is in the upward movement. The potential sell target is 101.60.

The alternative growth variant is 1021.23.