14.10.2014 USD/JPY (A 4-HOUR CHART) General overview The Japanese yen has not broken the last week trends and has strengthened against the dollar once again. The stock market events caused the yen rising popularity for the five days after the pessimistic views and the state treasuries profitability decline. The political component also contributed to the yen demand namely the Japan Prime Minister Abe unexpected statements that the yen decrease undermines the small businesses and households’ development. It is also worth noting that the pair is in the decreasing channel direction. The resistance level of 107.60 short break will be stopped by the channel 108.00 upper bound where it is likely to expect the downward correction continuation. The price is finding the first support at 107.10, the next one is at 106.70. The price is finding the first resistance at 107.60, the next one is at 108.00. There is a confirmed and a strong sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is consolidating. Trading recommendations The potential price decreasing targets are the levels of 107.10, 106.70.
Posted on: Tue, 14 Oct 2014 07:37:46 +0000
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