On Monday USD/JPY traded within 60 pip range. The currency couple depreciated from 89.68 to 89.07 yesterday, not matching the positive money flow sentiment at below +16%, closing the day at 89.37. This morning the dollar weakened further against the yen, reaching 88.61.
On the 1-hour chart the upward channel looks good, while on the 3-hour chart the upward channel is also intact. Break above yesterday's top and nearest resistance 89.68 would encourage further recovery of the dollar. Immediate support is today's bottom at 88.61, and consistent break below it could strengthen the yen further down towards next target 87.72.
Today are Japan Machinery orders core, and Corporate goods price index, both at 23:50 GMT.
Quotes are moving just below the 20 and above the 50 EMA on the 1-hour chart, indicating short-term slim bearish and medium-term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 89.68 90.55 91.38
Technical support levels: 88.61 87.72 86.90
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USD/JPY Softens, Breaking Below 89
Published 01/15/2013, 05:44 AM
Updated 01/01/2017, 02:20 AM
USD/JPY Softens, Breaking Below 89
USD/JPY Open 89.46 High 89.68 Low 88.61 Close 89.37
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