USD/JPY Open 90.09 High 90.37 Low 89.35 Close 90.08
Dollar/Yen made an indecisive movement on Tuesday, forming divergence on the 3 hour chart. On the 1 hour chart the currency couple made an unconvincing break down of 88.50, down to 88.26, from where it started rising up to yesterday’s top 90.32, closing the day at 90.08. An upward triangular formation indicates potential upward correction with possible test of the 90.35 resistance, but our preferable scenario for now is downwards. Break above 90.35 may trigger further upward adjustment and possibly terminate the the bearish perspective. The nearest support is today’s bottom at 89.35, the break of which may trigger stronger bearish impulse towards next target 88.45. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 90.35 91.45 92.55
Technical support levels: 89.35 88.45 87.50
Trading range: 89.70 – 89.05
Trend: Downward
Sell at 89.56 SL 89.86 TP 89.16
Already made +18 pips profit on USD/JPY today from the following signal:
5:39 GMT+1 Sell USD/JPY at 89.72 SL 89.98 TP 89.22 exited at 6:59 GMT.
Total today +107, yesterday +177, as shown in details here.
Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.
Written by iFOREX.bg
