USD/JPY Open 90.26 High 90.83 Low 89.67 Close 90.22
Dollar/Yen climbed on Friday, as expected, from 89.67 up to the 90.83 top, where the bullish momentum was limited, closing the week at 90.22. On the 1 hour chart there is a well formed wide downward channel, the upper limit of which was touched on Friday. Going bellow last Wednesday’s bottom 89.17, which is the current lower limit of the above channel, would confirm the intact of the bearish trend in the medium term. The nearest support is this morning’s bottom at 89.78. Break bellow it will open the way towards the above mentioned Wednesday’s bottom as next target downwards. In upward direction the nearest resistance is Friday’s top 90.83. Convincing movement above it may seriously threaten the bearish trend. Quotes remain between the 20 and 50 EMA, suggesting balanced Dollar/Yen forces and calm market. Neutral MACD and CCI support the calm market expectations, while RSI increases, in support of the Dollar. Overall, technical indicators give mixed signals.
Technical resistance levels: 90.83 91.79 92.43
Technical support levels: 89.78 89.16 88.24
Trading range: 90.60 – 89.95
Trend: Downward
Sell at 90.47 SL 90.77 TP 90.07
Written by iFOREX.bg
