On Tuesday, the USD/JPY increased by almost 150 pips. The currency couple appreciated from 101.03 to 102.51 yesterday, matching the positive money flow sentiment at nearly +18%, closing the day at 102.34. The Dollar ascended slightly further against the Yen this morning, rising to 102.53 and then corrected.
The upward channel is still on hold on the 1 hour chart and is looking good on the 3 hour chart. A break above today's top and nearest resistance 102.53 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 101.03, and a consistent break below it could strengthen the Yen further down towards the next target of 100.14.
Data due today: Japan Foreign bond investment, and Investment in Japan stocks, both at 23:50 GMT.
Quotes are moving below the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm. The MACD is positive and tranquil, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 102.53 103.44 104.27
Technical support levels: 101.03 100.14 99.33
Today so far +20 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Buy USD/JPY at 102.28 SL 102.02 TP 102.78, exit sent at 6:22 GMT+1.
Today so far +93, yesterday +143, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">