USD/JPY Open 91.50 High 92.08 Low 91.02 Close 91.36
On Monday Dollar/Yen made a sharp decline, in line with the Interbank sentiment at around -58%, after which the losses were recovered. The currency couple depreciated down to 91.02 yesterday, than bounced up to 92.08, closing the day at 91.36. Today the pair is moving hesitantly so far, without clear direction. 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 yesterday’s peak and nearest resistance 92.08 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 91.02, and consistent break bellow it could strengthen the Yen further towards next objective 90.19. Today were the already passed Japan Leading and Coincident indicators composite at 5 GMT. Quotes are moving bellow with the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet, while CCI is has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 92.08 92.88 93.55
Technical support levels: 91.02 90.19 89.30
Trading range: 91.55 – 90.90
Trend: Downward
Sell at 91.44 SL 91.74 TP 91.04
Written by iFOREX.bg
