USD/JPY Open 93.80 High 94.38 Low 93.58 Close 93.76
The Dollar depreciating against the Yen continued on Tuesday, in converse with the positive bank sentiment for Dollar/Yen at around +8%. Yesterday the currency couple dropped from 94.38 to 93.58, closing the day at 93.76. Break above the new and lower lower 94.38 resistance level would support further bullish outlook. The medium term trend seems to be turning from bullish to bearish as the downward impulse is gaining momentum on the 1 hour chart. Immediate support is this morning’s bottom at 93.58, and consistent break bellow it would give the Yen further strength. Today’s focus is on Japan’s Current account, Trade balance, and Machinery orders at 23:50 GMT. Quotes are currently moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating slight bullish market. The RSI indicator is positive and rising, MACD is neutral and quiet, while CCI is positive and calm on the 1 hour chart, giving overall weak long signals.
Technical resistance levels: 94.38 95.30 96.12
Technical support levels: 93.58 92.63 91.80
Trading range: 93.65 – 94.30
Buy at 93.77 SL 93.47 TP 94.17
Written by iFOREX.bg