USD/JPY Open 90.57 High 91.07 Low 90.33 Close 90.56
On Tuesday Dollar/Yen resumed descending, in line with the Interbank sentiment at nearly -63%. The currency couple depreciated from 91.07 to 90.34 yesterday, closing the day at 90.56. Today trading started with down trend continuation effort, but without strong momentum for now. On the 1 hour chart the downward channel is still intact, while on the 3 hour chart the pair is still in a consolidation phase. Break above yesterday’s top and nearest resistance 91.07 would support further recovery of the Dollar. Immediate support is today’s bottom at 90.33, and consistent break bellow it could strengthen the Yen further towards next target 89.30. Today is Japan Trade balance at 23:50 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet, while CCI is under the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 91.07 92.29 93.44
Technical support levels: 90.33 89.30 88.49
Trading range: 90.65 – 90.00
Sell at 90.52 SL 90.82 TP 90.12
Written by iFOREX.bg