USD/JPY Open 89.31 High 89.46 Low 89.23 Close 89.34
On Monday Dollar/Yen traded hesitantly and within a range, not matching exactly the strong negative Interbank sentiment at around -66%. The currency couple depreciated from 89.46 to 89.08 yesterday, closing the day at 89.34. Today the pair started descending sharply. On the 1 hour chart the downward channel is gaining strength, while on the 3 hour chart the lower limit of the wide trading range was broken down. Break above yesterday’s top and nearest resistance 89.46 would support further recovery of the Dollar. Immediate support is today’s bottom at 88.61, and consistent break bellow it could strengthen the Yen further towards next target 87.50. There are no major economic events for Japan today. Quotes are moving bellow the the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and adjusting, MACD is negative and consolidating, while CCI has crossed down the 100 line and is inclining upwards on the 1 hour chart, giving overall medium term short signals with possible short term correction.
Technical resistance levels: 89.46 90.71 91.55
Technical support levels: 88.61 87.50 86.45
Trading range: 88.95 – 88.30
Trend: Downward
Sell at 88.81 SL 89.11 TP 88.41
Written by iFOREX.bg
