On Tuesday, the USD/JPY decreased tremendously by 340 pips. The currency couple depreciated from 98.98 to 95.56 , matching the negative money flow sentiment below -28%, closing the day at 96.00. This morning the Dollar is trading quietly against the Yen, with movements at the lower end of yesterday's range for now.
The downward channel is making renewal attempts on the 1 hour chart, while the upward channel is turning into range trading on the 3 hour chart. A break above Tuesday's top and nearest resistance at 98.98 would encourage further recovery of the dollar. Immediate support is Tuesday's bottom at 95.56. A consistent break below it could strengthen the Yen further down, towards the next target of 94.67.
Quotes are moving just above the 20 and below the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressures. The value of the RSI indicator is neutral and calm. The MACD is negative and tranquil, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 98.98 99.87 100.66
Technical support levels: 95.56 94.67 93.85
Today so far +40 pips profit/loss on USD/JPY today from the following sent to clients only signal:
6:20 GMT+1 Buy USD/JPY at 96.62 SL 96.36 TP 97.12, exit sent at 8:37 GMT+1.
Today so far +139, yesterday +150, as shown at our web site. Have a great day!
USD/JPY Chart" title="USD/JPY Chart">