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USD/JPY Stalls Below 109

Published 09/24/2014, 05:22 AM
Updated 07/09/2023, 06:32 AM

USD/JPY

Open 108.79

High 108.99

Low 108.23

Close 108.86

On Tuesday the USD/JPY increased with almost 65 pips. The currency couple appreciated from 108.23 to 108.99 yesterday, matching the positive money flow sentiment at above +10%, closing the day at 108.81. This morning the dollar is trading quietly against the yen, with movements within yesterday's range for now.

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 108.99 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 108.23, and consistent break below it could strengthen the yen further down towards next target 107.35.

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

Technical resistance levels: 108.99 109.86 110.70

Technical support levels: 108.23 107.35 106.52

Today so far +8 pips profit/loss on USD/JPY today from the following signal:
5:15 GMT+1 Sell USD/JPY at 108.57 SL 108.83 TP 108.07, exit given at 8:22 GMT+1.
Today so far +38, yesterday +105, as shown at our web site. Have a great day!


USD/JPY Hour Chart

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