On Monday, the GBP/JPY traded within 65 pip range. The currency couple depreciated from 102.16 to 101.51 yesterday, not matching the positive money flow sentiment at nearly +17% and closing the day at 101.79. The Dollar weakened further against the Yen this morning, reaching 101.25.
Thee upward channel has resumed on the 1 hour chart, while the upward channel is looking good on the 3 hour chart. Break above yesterday's top and nearest resistance 102.16 would encourage further recovery of the dollar. Immediate support is today's bottom at 101.25, and a consistent break below it could strengthen the Yen further down towards next target 100.34.
There are no major economic events for Japan today.
Quotes are moving bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bearish and medium term neutral pressure. The value of the RSI indicator is negative and hesitant. The MACD is positive and tranquil, while the CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 102.16 103.05 103.86
Technical support levels: 101.25 100.34 99.53
Today so far +29 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 101.55 SL 101.81 TP 101.05, exit sent at 6:49 GMT+1.
Today so far +82, yesterday +108, as shown at our web site. Have a great day!