USD/JPY Open 86.90 High 87.42 Low 86.43 Close 87.02
Dollar/Yen started decreasing on Wednesday, in converse with the positive Interbank sentiment at nearly +11%. The currency couple depreciated from 87.42 to 86.84 yesterday, closing the day at 87.02. This morning descending extended down to 86.43. On the 1 hour chart the downward channel is trying to renew, and on the 3 hour chart quotes are returning into it. Break above yesterday’s top and nearest resistance 87.42 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 86.43, and consistent break bellow it could strengthen the Yen further down towards next target 85.50. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure, but with warning set of green candles. The value of the RSI indicator is negative and quiet, MACD is negative and consolidating, while CCI is just under the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 87.42 88.39 89.10
Technical support levels: 86.43 85.50 84.12
Trading range: 86.90 – 86.25
Trend: Downward
Sell at 86.77 SL 87.07 TP 86.37
Written by iFOREX.bg
