H4
General situation:
While analyzing JPY exchange rate on Forex we can say that the situation is complicated again, the Bollinger bands are directed sideways and Ichimoku lines are converging. Therefore it is better to wait for some time before entering the market due to the high probability of flat. It will be possible to identify the beginning of a downward trend according the price remaining below 76.72 and the Bollinger bands going down. The upward movement could be identified according to the price higher than Ishimoku Cloud.
Trading recommendations:
As to JPY operations on Forex it is recommended to stay aside from the market for some time because of recent non-standard movements and obvious absence of a trend.
Apart from technical overview it is necessary to take into account the fundamental data and the time of its release.
Explanations to the chart:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.
