On Tuesday, the USD/JPY increased by a 135 pip range. The currency couple appreciated from 94.40 to 95.76 yesterday, matching the positive money flow sentiment at around +16% and closing the day at 95.28. The Dollar is trading quietly against the Yen This morning, with movements at the upper end of yesterday's range for now.
The downward channel has slowed down on the 1 hour chart, while wide range trading has formed on the 3 hour chart. A break above yesterday's top and nearest resistance 95.76 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 94.40. A consistent break below it could strengthen the Yen further down towards the next target of 93.50.
Data due today: Japan Foreign and Foreign bond investment, both at 23:50 GMT.
Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm. The MACD is positive and inclining upwards, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 95.76 96.65 97.44
Technical support levels: 94.40 93.50 92.72
Today so far +23 pips profit/loss on USD/JPY today from the following sent to clients only signal:
7:34 GMT+1 Sell USD/JPY at 95.05 SL 95.31 TP 94.55, exit sent at 9:24 GMT+1.
Today so far +74, yesterday +82, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">