On Wednesday, the USD/JPY traded within the 140 pip range. The currency couple appreciated from 102.34 to 103.74 yesterday, matching the positive money flow sentiment at over +22% and closing the day at 103.11. This morning the dollar collapsed against the Yen on stocks sliding, dropping down to 100.81.
The upward channel is making renewal attempts on the 1 hour chart, and the upward channel is looking good on the 3 hour chart. A break above yesterday's top and nearest resistance 103.74 would encourage further recovery of the dollar. Immediate support is today's bottom at 100.81, and a consistent break below it could strengthen the yen further down towards the next target of 99.90.
There are no major economic events in Japan today.
Quotes are moving way bellow the crossing 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and hesitant. The MACD is thinly negative and tranquil, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 103.74 104.64 105.45
Technical support levels: 100.81 99.90 99.08
Today so far +50 pips profit/loss on USD/JPY today from the following sent to clients only signal:
6:26 GMT+1 Sell USD/JPY at 102.40 SL 102.66 TP 101.90, TP reached at 7:10 GMT+1.
Today so far +120, yesterday +177, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">