USD/JPY Open 90.44 High 90.76 Low 90.34 Close 90.51
Dollar/Yen is still caught in the 88.18 – 91.98 range trading on the 3 hour chart. On Friday the currency couple traded within the narrow 90.34-69 range, in converse with the very negative bank sentiment at nearly -60%. The currency pair rose to 90.70, than dropped down to 90.34, closing the day at 90.35. Today the Dollar showed partial strength, which, however was limited by the 90.76 resistance. Break above it would confirm bull’s domination at this stage. In the medium term our expectations are neutral till we get clear break out of the above mentioned range. Immediate support is Friday’s bottom at 90.34, and only consistent break bellow it will give the Yen advance. Today in Japan is Spring Equinox Day and at 23:50 GMT is BoJ meeting minutes. Quotes are currently moving above the 20 and 50 EMA on the 1 hour chart, indicating slight bullish pressure. The RSI indicator is positive and declining, MACD is positive and calm, while CCI is positive and up on the 1 hour chart, giving overall long signals.
Technical resistance levels: 90.76 91.75 92.67
Technical support levels: 90.34 89.75 88.61
Trading range: 90.35 – 91.00
Trend: Upward
Buy at 90.47 SL 90.17 TP 90.87
Written by iFOREX.bg
