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USD/JPY Eases Off 6 Year Top

By ZIFX comForexSep 23, 2014 05:31AM ET
USD/JPY Eases Off 6 Year Top
By ZIFX com   |  Sep 23, 2014 05:31AM ET
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USD/JPY Open 108.77 High 109.24 Low 108.23 Close 108.81

On Monday USD/JPY decreased with almost 55 pips. The currency couple depreciated from 109.24 to 108.66 yesterday, not matching the positive money flow sentiment at above +11%, closing the day at 108.81. This morning the dollar descended further against the yen, reaching down to 108.23.

On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart the upward channel is intact. Break above yesterday's top and nearest resistance 109.24 would encourage further recovery of the dollar. Immediate support is today's bottom at 108.23, and consistent break below it could strengthen the yen further down towards next target 107.35.

Quotes are moving below the crossing and close 20 and 50 the EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 109.24 110.10 110.93
Technical support levels: 108.23 107.35 106.52

Today so far +32 pips profit/loss on USD/JPY today from the following signal:
8:31 GMT+1 Sell USD/JPY at 108.56 SL 108.82 TP 108.06, exit given at 9:12 GMT+1.
Today so far +105, yesterday +38 pips

USD/JPY Hour Chart
USD/JPY Hour Chart

USD/JPY Eases Off 6 Year Top

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USD/JPY Eases Off 6 Year Top

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