Open 102.39
High 102.84
Low 101.80
Close 102.30
On Wednesday USD/JPY continued decreasing with 100 pips. The currency couple depreciated from 102.84 to 101.80 yesterday, matching the negative money flow sentiment at under -11%, closing the day at 102.30. This morning the dollar is trading quietly against the Yen, with movements at the lower end of yesterday's range for now.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel has slowed down. Break above yesterday's top and nearest resistance 102.84 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 101.80, and consistent break below it could strengthen the yen further down towards next target 100.91.
There are no major economic events for Japan today.
Quotes are moving below the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and declining, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 102.84 103.73 104.55
Technical support levels: 101.80 100.91 100.14
Today so far +37 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT Sell USD/JPY at 102.21 SL 102.47 TP 101.71, exit sent at 7:22 GMT.
Today so far +133, yesterday +107, as shown at our web site. Have a great day!
USD/JPY Hour Chart" title="USD/JPY Hour Chart" width="640" height="540">