USD/JPY Open 89.63 High 90.54 Low 89.14 Close 89.67
Dollar/Yen climbed to the 90.54 top, from where the main descending movement continued down to 89.39, closing the day at 89.67. The above top is the upper limit of the descending channel, the well formed shape of which is seen on the 1 hour chart, which indicates that the the downward channel’s integrity seems to kept intact for now. The BOJ monthly economic report this morning brought further positive effect in favor of the Yen. Any break bellow the nearest 89.14 support would signal for possible further weakening of the Dollar. As quotes also remain bellow the 50 and just touching the 20 EMA, our preferable scenario for now remains in favour of the bears. Increasing values of the RSI indicator to the overbought zone and the leaning upwards neutral MACD and CCI signal for potential rise of the Dollar. Overall technical indicators give mixed signals.
Technical resistance levels: 90.54 91.37 92.44
Technical support levels: 89.14 88.29 87.43
Trading range: 89.70 – 89.10
Trend: Downward
Sell at 89.60 SL 89.90 TP 89.20
Written by iFOREX.bg
