On Tuesday, the USD/JPY traded within the 110 pip range. The currency couple appreciated from 99.32 to 100.42 yesterday, not matching the negative money flow sentiment at around -15% and closing the day at 99.89. The Dollar pushed slightly up against the Yen this morning, reaching 100.47, and then declined.
Range trading has formed on the 1 hour chart , while the upward channel is on hold on the 3 hour chart. A break above today's top and nearest resistance 100.47 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 99.32. A consistent break below it could strengthen the Yen further down towards the next target of 98.44.
Japan has no major economic events scheduled today.
Quotes are moving just below the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and hesitant. The MACD is negative and tranquil, while the CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 100.47 101.36 102.18
Technical support levels: 99.32 98.44 97.63
Today so far +43 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 99.80 SL 100.06 TP 99.30, exit sent at 6:40 GMT+1.
Today so far +136, yesterday +133, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">