USD/JPY Open 111.28 High 111.81 Low 110.25 Close 111.31
On Monday dollar/yen decreased with 70 pips. The currency couple depreciated from 111.81 to 111.08 yesterday, matching the negative money flow sentiment at almost -2%, closing the day at 111.31. This morning the dollar descended further against the yen, reaching 110.25.
On the 1-hour chart small angle downward channel is forming, while on the 3-hour chart the downward channel is making renewal attempts. Break above yesterday's top and nearest resistance 111.81 would encourage further recovery of the dollar. Immediate support is today's bottom at 110.25, and consistent break below it could strengthen the yen further down towards next target 109.33.
Quotes are moving below the widening 20 and 50 EMA on the 1-hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1-hour chart, giving over all short signals.
Technical resistance levels: 111.81 112.70 113.55
Technical support levels: 110.25 109.33 108.50
Today +50 pips were gained on USD/JPY from the following signal:
5:30 GMT+1 Sell USD/JPY at 110.98 SL 111.24 TP 110.48, TP reached at 7:44 GMT+1.
Total today +89, as shown at our web site.
Have a great day!
