USD/JPY Open 90.30 High 90.77 Low 90.00 Close 90.24
Dollar/Yen is moving within the 90.00 – 90.97 since the end of last week, not in line with the negative Bank sentiment projection at around -65.6%. On Tuesday the currency couple climbed from 90.00 to 90.72, closing the day at 90.47. The 90.00 support is an important psychological level, which blocks the bearish attacks for now. Break bellow it would confirm Yen’s strength. In the medium term our expectations are neutral till we get clear break out of the wide range 88.18 – 91.98, as seen on the 3 hour chart. First resistance is Tuesday’s peak at 90.72, and only convincing break above it may strengthen the Dollar further, while break bellow 90.00 should extend the depreciating impetus towards next target downwards 88.61. This morning BoJ announced the decision to increase the lending program to 20 trillion yen and to keep interest tares low. Quotes are currently moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The RSI and CCI indicators are positive and with slight decline, while MACD is positive and climbing on the 1 hour chart, giving overall long signals.
Technical resistance levels: 90.72 91.76 92.67
Technical support levels: 90.00 88.61 88.87
Trading range: 90.25 – 90.90
Trend: Upward
Buy at 90.38 SL 90.08 TP 90.78
Written by iFOREX.bg
