31, January 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The yen rolled back a little, and now is trading at 102.70. The nearest support is around the recent minimums at 101.90/80. The losses may increase to 101.10 (minimums of November 26). The resistance is at 103.60.

There is a confirmed and strong sell signal. Chinkou Span is below the price, the price is below the Ichimoku cloud. The southern movement remains until the price is below the Kijun-sen. Kijun-sen and Tenkan-sen are directed downwards. The Cloud is descending.

Bollinger Bands indicator shows that a downward movement as its bands are expanded and directed downwards. MACD is decreasing, showing a sell signal.

Trading recommendations

The pair stopped its movement near 103 mark. We believe the descending shall be continued. The pair may go to 102.23 and further below to 101.37.