On Tuesday USD/JPY continued decreasing with 100 pips. The currency couple depreciated from 87.81 to 86.81 yesterday, matching the negative money flow sentiment at around -22%, closing the day at 87.03. This morning the dollar is trading quietly against the yen, with movements at the upper half of yesterday's range for now.
On the 1-hour chart the upward channel is on hold, while on the 3-hour chart the upward channel is still intact. Break above yesterday's top and nearest resistance 87.81 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 86.81, and a consistent break below it could strengthen the yen further down towards next target 86.00.
Today is Japan Coming of Age Day.
Quotes are moving just above the 20 and 50 EMA on the 1-hour chart, indicating short-term slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI is about to cross up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 87.81 89.70 90.50
Technical support levels: 86.81 86.00 85.11
USD/JPY Chart" title="USD/JPY Chart">