On Friday USD/JPY continued increasing with 85 pips. The currency couple appreciated from 87.55 to 88.42 on Friday, matching the positive money flow sentiment at almost +19%, closing the week at 88.14. This morning the dollar is trading quietly against the yen, with movements within Friday's range for now.
On the 1-hour chart the upward channel looks good, while on the 3-hour chart the upward channel is intact. Break above Friday's top and nearest resistance 88.42 would encourage further recovery of the dollar. Immediate support is Friday's bottom at 87.55, and a consistent break below it could strengthen the yen further down towards next target 86.65.
There are no major economic events for Japan today.
Quotes are moving just above the 20 and 50 EMA on the 1-hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI is in line with the 100 line on the 1-hour chart, giving over all neutral signals.
Technical resistance levels: 88.42 89.30 90.12
Technical support levels: 87.55 86.65 85.80
USD/JPY Chart" title="USD/JPY Chart">
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USD/JPY Bounces Off 88.4, Uptrend May Resume
Published 01/07/2013, 05:29 AM
Updated 01/01/2017, 02:20 AM
USD/JPY Bounces Off 88.4, Uptrend May Resume
USD/JPY Open 88.19 High 88.42 Low 87.55 Close 88.14
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