USD/JPY Open 88.65 High 89.13 Low 88.37 Close 88.56
On Friday Dollar/Yen continued increasing slightly, matching the positive Interbank sentiment at nearly +20%. The currency couple rose from 88.37 to 88.74 on Friday, closing the week at 88.56. This morning ascending continued up to 89.13, from which point the pair started deep adjustment. On the 1 and 3 hour charts the downward channel is now broken upwards. Break above today’s top and nearest resistance 89.13 would support further recovery of the Dollar. Immediate support is Friday’s bottom at 88.37, and consistent break bellow it could strengthen the Yen further down towards next target 87.50. There are no major economic events for Japan today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating slim short term bearish market. The value of the RSI indicator is positive and declining, MACD is positive and consolidating, while CCI has just crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 89.13 90.00 90.83
Technical support levels: 88.37 87.50 86.48
Trading range: 88.85 – 88.25
Trend: Downward
Sell at 88.74 SL 89.04 TP 88.34
Written by iFOREX.bg
