On Friday, the USD/JPY continued increasing with 130 pip range. The currency couple appreciated from 96.84 to 98.14 on Friday, matching the positive money flow sentiment at over +29% to close the week at 97.88. The Dollar lifted further against the Yen this morning, climbing to 98.71.
A new upward channel is forming on the 1 hour chart, while quotes are held within wide range trading on the 3 hour chart. A break above today's top and nearest resistance of 98.71 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 96.84, and consistent break below it could strengthen the Yen further down towards the next target of 95.95.
There are no major economic events for Japan today.
Quotes are moving below the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and declining. The MACD is positive and tranquil, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 98.71 99.60 100.38
Technical support levels: 96.84 95.95 95.14
Today so far +12 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Buy USD/JPY at 98.44 SL 98.18 TP 98.94, exit sent at 6:30 GMT+1.
Today so far +67, on Friday +210, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">