USD/JPY Open 91.41 High 91.78 Low 91.14 Close 91.43
On Wednesday Dollar/Yen continued trading with a slight decrease, in line with the Interbank sentiment at around -56%. The currency couple depreciated from 91.78 to 91.78 yesterday, closing the day at 91.43. Today trading is hesitant and without clear direction so far. On the 1 and 3 hour charts the pair is still in a consolidation phase. Break above yesterday’s top and nearest resistance 91.78 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 91.14, and consistent break bellow it could strengthen the Yen further towards next target 90.19. Today are Japan Leading and Coincident indicators composite index, and BoJ meeting minutes at 5 and 23:50 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart with last 2 green candles, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and calm, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 91.78 92.88 93.55
Technical support levels: 91.14 90.19 89.30
Trading range: 91.10 – 91.75
Trend: Upward
Buy at 91.21 SL 90.91 TP 91.61
Written by iFOREX.bg
