USD/JPY Open 93.44 High 93.41 Low 92.74 Close 93.47
Dollar corrected downwards against the Yen on Thursday, in line with the Interbank sentiment at nearly -12%. Yesterday the currency couple dropped from 93.41 to 92.74, closing the day at 93.17. Break above the nearest 93.41 resistance and yesterday’s peak would support further bullish perspective. The medium term trend may return back to bearish as the downward channel on the 1 hour chart is still in good shape. Immediate support is yesterday’s bottom at 92.74, and consistent break bellow it would strengthen the Yen further towards next target 91.60. There are no major economic events for Japan today, except for already passed All industry index at 4:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The values of the RSI and CCI indicators are positive and declining, while MACD is positive and calm on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 93.41 94.17 95.00
Technical support levels: 92.74 91.60 90.71
Trading range: 93.40 – 92.80
Sell at 93.30 SL 93.60 TP 92.90
Written by iFOREX.bg