On Monday, the USD/JPY traded within the 60 pip range. The currency couple depreciated from 101.33 to 100.73 yesterday, matching the negative money flow sentiment at almost -14% and closing the day at 100.87. This morning the dollar jumped against the yen, rising to 102.30.
The upward channel is still on hold on the 1 hour chart, while the upward channel is looking good on the 3 hour chart. A break above today's top and nearest resistance 102.30 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 100.73. A consistent break below it could strengthen the Yen further down towards the next target of 99.84.
Data due today: Japan Retail sales at 23:50 GMT.
Quotes are moving above the crossing 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 negative and inclining upwards, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 102.30 103.19 104.00
Technical support levels: 100.73 99.84 99.05
Today so far +46 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Buy USD/JPY at 101.84 SL 101.58 TP 102.34, exit sent at 9:02 GMT+1.
Today so far +134, yesterday +129, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">