USD/JPY Open 89.93 High 90.58 Low 89.49 Close 89.80
On Wednesday Dollar/Yen continued descending, in line with the Interbank sentiment at nearly -62%. The currency couple depreciated from 90.58 to 89.79 yesterday, closing the day at 89.80. Today trading continued on the paved downward track. On the 1 hour chart the downward channel is still intact, while on the 3 hour chart the pair at the lower part of the wide trading range. Break above yesterday’s top and nearest resistance 90.58 would support further recovery of the Dollar. Immediate support is this morning’s bottom at 89.49, and consistent break bellow it could strengthen the Yen further towards next target 88.50. Today is Japan Nationwide CPI and Tokyo-area CPI at 23:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is neutral and slightly declining, MACD is negative and quiet, while CCI has crossed down the the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 90.58 91.50 92.63
Technical support levels: 89.49 88.50 87.29
Trading range: 89.70 – 89.10
Trend: Downward
Sell at 89.60 SL 89.90 TP 89.20
Written by iFOREX.bg
