31, October 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese yen continued to fall against the dollar. The US dollar can influence the exchange rate dynamics. Japan will publish the consumer inflation and the unemployment data for September.

The buyers break through the strong resistance level of 108.50 upwards. The level breakthrough occurred amid the low volumes; however, the mark of 109.00 has been already overcome.

The trading on the inside daily chart is still in the uplink channel direction. Therefore, the bullish trend is still relevant, despite such small growth volumes.

The price is finding the first support at 109.00, the next one is at 108.50. The price is finding the resistance at 109.50.

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 and the Kijun-sen show 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 increasing.

Trading recommendations

The buyers need to break above 109.50 for a steady growth.