USD/JPY Open 93.04 High 93.51 Low 92.90 Close 93.00
Dollar/Yen was trading hesitantly this week within the 92.51 – 93.60 range, in line with the unconvincing Interbank sentiment at around -11%. Yesterday the currency couple dropped from 93.51 to 92.90, closing the day at 93.00. Break above the nearest 93.51 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 today’s bottom at 92.51, 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 negative and quiet on the 1 hour chart, giving overall mild short signals.
Technical resistance levels: 93.51 94.43 98.50
Technical support levels: 92.51 91.72 90.90
Trading range: 92.85 – 92.20
Sell at 92.72 SL 93.02 TP 92.32
Written by iFOREX.bg