USD/JPY 93.23 – 13 April 2010

USD/JPY Open 93.17 High 93.60 Low 92.84 Close 93.23
The Dollar traded quietly against the Yen on Monday, in converse with the very negative bank sentiment at around -23%. Yesterday the currency couple traded within the 92.68 – 93.60 range, closing the day at 93.23. Break above the nearest 93.60 resistance level would support further bullish perspective. The medium term trend is turning into bearish as the downward impulse is gaining momentum on the 1 hour chart. Immediate support is last today’s bottom at 92.58, and consistent break bellow it would strengthen the Yen further. There are no major economic events for Japan today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The RSI, MACD and CCI indicators are all positive and quiet on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 93.60 94.71 98.80
Technical support levels: 92.58 91.80 90.96

Trading range: 93.35 – 92.70
Trend: Downward
Sell at 93.23 SL 93.53 TP 92.83

Written by