USD/JPY Open 91.07 High 91.38 Low 90.16 Close 91.24
Dollar/Yen made a significant rise on Thursday from 90.16 to 91.38, breaking the upper limit of the downward channel, formed on the 3 hour chart, and closing the day at 91.24. Today Dollar started retreating against the Yen. However, only convincing break bellow Tuesday’s bottom at 89.72 should confirm the continuation of the bearish channel formed on the 3 hour chart. The nearest support is yesterday’s bottom at 90.16. Immediate resistance is yesterday’s top at 91.38. Going above that level may trigger further stronger bullish momentum towards the peak from 21 January 91.80 and might threaten the bearish outlook. Quotes are currently way bellow the 20 and above the 50 EMA, signaling for intraday descending impulse, which should not interrupt the continuation of the main bearish trend in the longer term. The RSI is negative and in the oversold zone, MACD is negative and declining, and CCI indicator is negative and calm, giving, overall mixed signals.
Technical resistance levels: 91.38 91.80 93.41
Technical support levels: 90.16 89.59 88.90
Trading range: 90.60 – 91.25
Trend: Upward
Buy at 90.74 SL 90.44 TP 91.14
Written by iFOREX.bg
