USD/JPY Open 89.90 High 90.11 Low 89.35 Close 89.96
Dollar/Yen is still moving within the well formed downward channel on the daily chart, while on the 15 minute chart the currency pair is consistently climbing this week, reaching new resistance level at 90.11 this morning. Persuasive break above that level may weaken the bears further and give advantage to the Dollar, towards next objective 91.15. The nearest support is yesterday’s bottom at 89.35. Break bellow that level would confirm the continuation of the bearish outlook, and may give the bears further strength towards 88.40. Prices are currently under the 20 and above the 50 EMA, signaling for possible intraday appreciative adjustment, which is not expected to interrupt the continuation of the main bearish trend in the longer term. The RSI and CCI indicators are declining, MACD is neutral and leaning downwards, giving, overall mixed signals with bears’ advantage.
Technical resistance levels: 90.11 91.15 91.80
Technical support levels: 89.35 88.40 87.52
Trading range: 90.15 – 89.50
Sell at 90.02 SL 90.32 TP 89.62
Written by iFOREX.bg