USD/JPY Open 93.32 High 93.61 Low 92.60 Close 93.24
Dollar/Yen was trading hesitantly on Wednesday, in line with the uncertain Interbank sentiment at nearly -4%. Yesterday the currency couple dropped from 93.61 to 92.91, closing the day at 93.24. Break above the nearest 93.61 resistance level would support further bullish perspective. The medium term trend is turning into bullish as the upward impulse is gaining momentum on the 3 hour charts. Immediate support is yesterday’s bottom at 92.91, and consistent break bellow it would strengthen the Yen further. There are no major economic events for Japan today besides the already passed Industrial output at 4:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The RSI and MACD indicators are positive and rising, while CCI is positive and declining on the 1 hour chart, giving overall long signals.
Technical resistance levels: 93.61 94.71 98.80
Technical support levels: 92.60 91.80 90.96
Trading range: 93.20 – 93.85
Buy at 93.34 SL 93.04 TP 93.74
Written by iFOREX.bg