USD/JPY Open 90.34 High 90.91 Low 90.00 Close 90.47
Dollar/Yen depreciated slightly on Monday down to 90.32, in line with the negative Bank sentiment at around -66%, closing the day at 90.47. Today the currency couple bounced up from the 90.00 psychological level, which is playing strong support for now. Till we get clearer break out of the wide range, within which the pair is trading on the 3 hour chart, our expectations would be neutral in the medium term. The nearest resistance is Monday’s peak at 90.91, and only convincing break above it may strengthen the Dollar further, while break bellow 90.00 should extend the depreciating impetus towards next target downwards 88.61. Today BoJ meeting begins, also at 23:50 is Japan’s Tertiary activity index, and the Interest rates decision at midnight GMT. Quotes are currently moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The RSI indicator is positive and dovish, MACD is negative and climbing, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 90.91 91.76 92.67
Technical support levels: 90.00 88.61 88.87
Trading range: 90.35 – 91.00
Trend: Upward
Buy at 90.47 SL 90.17 TP 90.87
Written by iFOREX.bg
