On Wednesday, the USD/JPYntraded within 60 pip range. The currency couple depreciated from 98.47 to 99.55 yesterday, not matching the positive money flow sentiment at nearly +16%, closing the day at 99.45. 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 still on hold, while on the 3 hour chart the upward channel has slowed down. A break above yesterday's top and nearest resistance of 99.77 would encourage further recovery of the Dollar. Immediate support is today's bottom at 99.17; a consistent break below could strengthen the yen further down towards the next target of 98.28.
Data due today: Japan Nationwide and Tokyo area CPI, both at 23:30 GMT.
Quotes are moving just below the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm. The MACD is negative and tranquil, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 99.77 100.66 101.45
Technical support levels: 99.17 98.28 97.50
Today so far +44 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 99.42 SL 99.68 TP 98.92, exit sent at 7:11 GMT+1.
Today so far +117, yesterday +111, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">