USD/JPY Open 91.04 High 92.85 Low 92.05 Close 91.93
On Friday Dollar/Yen made a sharp decline, in line with the Interbank sentiment at almost -50%. The currency couple depreciated from 92.85 to 91.41 on Friday, closing the week at 91.93. This morning the descending extended down to 91.01. While on the 1 hour chart the downward movement may seem as an adjustment, on the 3 hour chart trading is within wide range. Break above today’s peak and nearest resistance 92.00 would support further recovery of the Dollar. Immediate support is today’s bottom at 91.01, and consistent break bellow it could strengthen the Yen further towards next objective 90.19. Today’s are Japan Current accounts, Trade balance and M2+CDs money supply at 23:50 GMT. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish impulse. The value of the RSI indicator is positive and calm, MACD is negative and inclining upwards, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 92.00 92.88 93.55
Technical support levels: 91.01 90.19 89.30
Trading range: 91.45 – 92.10
Trend: Upward
Buy at 91.56 SL 91.26 TP 91.96
Written by iFOREX.bg
