On Wednesday Dollar/Yen traded within the narrow 55 pip range. The currency couple appreciated from 97.85 to 98.43 yesterday, matching the positive money flow sentiment at nearly +15%, closing the day at 98.08. This morning the Dollar weakened against the Yen, dropping to 97.57.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart trading is held within wide trading scope. Break above yesterday's top and nearest resistance 98.43 would encourage further recovery of the Dollar. Immediate support is today's bottom at 97.57, and consistent break below it could strengthen the Yen further down towards next target 96.68.
There are no major economic events for Japan today.
Quotes are moving just bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term slim bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 98.43 99.30 100.11
Technical support levels: 97.57 96.68 95.86
Today so far +11 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 97.73 SL 97.99 TP 97.23, exit sent at 6:58 GMT+1.
Today so far +85, yesterday +154, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">