On Monday, the USD/JPY increased with 120 pip range. The currency couple appreciated from 94.04 to 95.23 yesterday, not matching the negative money flow sentiment at almost -22% and closing the day at 94.42. The Dollar lifted slightly further against the Yen this morning, reaching 95.31.
The downward channel has slowed down on the 1 hour chart, while wide range trading has formed on the 3 hour chart. A break above today's top and nearest resistance 95.31 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 94.04 A consistent break below could strengthen the Yen further down towards the next target of 93.15.
Data for today: Japan Industrial production and Trade balance, at 4:30 and 23:50 GMT respectively.
Quotes are moving above the even 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm. The MACD is positive and inclining upwards. The CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 95.31 96.14 96.95
Technical support levels: 94.04 93.15 92.36
Today so far +15 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:19 GMT+1 Sell USD/JPY at 94.88 SL 95.14 TP 94.38, exit sent at 6:09 GMT+1.
Today so far +53, yesterday +82, as shown at our web site. Have a great day!