USD/JPY Open 90.83 High 91.24 Low 90.09 Close 90.97
Dollar/Yen is trading this week with an increase on the 15 minute chart. On the bigger picture on the 1 hour chart there is also upward channel formed, staring 27 January. On Wednesday the currency couple declined to the 90.09 bottom, from where it rose sharply to the 91.24 top, closing the day at 90.97. We will be looking for a persuasive break out of the above range levels to get clearer direction. Break above 90.91 may strengthen the Dollar further towards the top from 21 January 91.80. Going bellow 90.09 may give the bears further dominating positions. Prices are currently under the 20, and just crossed down the 50 EMA, signaling for intraday decline, but possible upward correction in the short term. The RSI indicator is in the oversold zone, MACD is sliding downwards, while CCI is dropping hugely on the 1 hour chart. Overall, indicators give insignificant bearish pressure for the pair.
Technical resistance levels: 91.24 91.80 92.86
Technical support levels: 90.09 89.18 88.30
Trading range: 90.90 – 90.30
Trend: Downward
Sell at 90.80 SL 91.10 TP 90.40
Written by iFOREX.bg
