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USD/JPY Recovers Strongly After Fed Minutes

Published 08/22/2013, 05:25 AM
Updated 07/09/2023, 06:32 AM
USD/JPY

Open 97.78
High 98.60
Low 97.11
Close 97.61

On Wednesday USD/JPY increased with 85 pips. The currency couple appreciated from 97.11 to 97.99 yesterday, matching the positive money flow sentiment at almost +16%, closing the day at 97.61. This morning the Dollar pushed further up against the Yen, reaching 98.60.

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 today's top and nearest resistance 98.60 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 97.11, and consistent break below it could strengthen the yen further down towards next target 96.23.

There are no major economic events for Japan today.

Quotes are moving way above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.

Technical resistance levels: 98.60 99.48 100.27

Technical support levels: 97.11 96.23 95.40

Today so far +41 pips profit/loss on USD/JPY, signaling to clients:
5:15 GMT+1 Buy USD/JPY at 98.16, SL 97.90, TP 98.66, exit sent at 10:07 GMT+1.

Today so far +115, yesterday +86.

<span class=USD/JPY Chart" title="USD/JPY Chart">

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