On Friday USD/JPY continued increasing with 70 pips. The currency couple appreciated from 88.73 to 89.46 on Friday, matching the positive money flow sentiment at around +22%, closing the week at 89.17. This morning the dollar strengthened further against the yen, reaching 89.68.
On the 1-hour chart the upward channel has renewed, while on the 3-hour chart the upward channel is intact. Break above today's top and nearest resistance 89.68 would encourage further recovery of the dollar. Immediate support is Friday's bottom at 88.73, and consistent break below it could strengthen the yen further down towards next target 87.60.
Today is Japan M2+CDs money supply at 23:50 GMT.
Quotes are moving above the 20 and 50 EMA on the 1-hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 89.68 90.55 91.38
Technical support levels: 88.73 87.60 86.40