4-hour timeframe
Overview:
According to the analysis of the yen on Forex market, the yen is hitting records of unstable movement. The price either stays in a narrow sideways channel for several weeks or passes 400 points for 4 hours. All indicator lines are now directed confusingly. Therefore it is recommended to wait for the movement to stabilize before opening any positions. The Bollinger Bands are showing upside movement, the bands are diverging and directed up. After quite a strong upside movement now a correction can begin.
Trading recommendations:
Currently it is recommended to refrain from yen trading due to high-risk unstable movement.
In addition to technical image, one should take into account the fundamental data and the time of their release.
Chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.
