On Wednesday, the USD/JPY continued decreasing significantly by 190 pips. The currency couple depreciated from 97.03 to 95.12 yesterday, matching the negative money flow sentiment at around -35% to close the day at 95.94. This morning the dollar slipped further against the Yen, reaching down to 93.76.
The downward channel has renewed on the 1 hour chart, while the upward channel has turned into range trading on the 3 hour chart. A break above yesterday's top and nearest resistance of 97.03 would encourage further recovery of the dollar. Immediate support is today's bottom at 93.76. A consistent break below it could strengthen the Yen further down, towards the next target of 92.88.
The BoJ meeting minutes are scheduled for 23:50 GMT.
Quotes are moving bellow 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 negative and declining, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 97.03 97.90 98.71
Technical support levels: 93.76 92.88 92.10
Today so far +50 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 94.80 SL 95.06 TP 94.30, TP reached at 6:22 GMT+1.
Today so far +147, yesterday +139, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">