On Monday Dollar/Yen increased with 50 pips as Dollar strengthened across the board. The currency couple appreciated from 77.51 to 78.00 yesterday, matching the positive Interbank sentiment at under +1%, closing the day at 77.91. This morning the Dollar is trading quietly against the Yen, moving within yesterday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is still within wider range. Break above yesterday's top and nearest resistance 78.00 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 77.51, and consistent break bellow it could strengthen the Yen further down towards next target 76.60. There are no major economic events for Japan today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is thinly negative and hesitant, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 78.00 78.88 79.70
Technical support levels: 77.51 76.60 75.73
Trend: Upward
Buy at 77.80 SL 77.50 TP 78.20
Already made +3 pips profit on USD/JPY today from the following sent to clients only signal:
5:22 GMT Buy USD/JPY at 77.87 SL 77.61 TP 78.37, exit sent at 6:44 GMT+1.
Total today +87, yesterday +146, as shown in details at our web site.
USD/JPY Chart">