USD/JPY Open 89.61 High 89.97 Low 89.23 Close 89.62
On Thursday Dollar/Yen continued decreasing, in line with the Interbank sentiment at around -65%. The currency couple depreciated from 89.97 to 89.23 yesterday, closing the day at 89.62. Today trading is hesitant and consolidating so far. On the 1 hour chart the downward channel is still intact, while on the 3 hour chart the pair at the very low section of the wide trading range. Break above yesterday’s top and nearest resistance 89.97 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 89.23, and consistent break bellow it could strengthen the Yen further towards next target 88.41. There are no major economic events for Japan today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating slim short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and climbing, MACD is negative and inclining upwards, while CCI is just above the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 89.97 90.71 91.55
Technical support levels: 89.23 88.41 87.29
Trading range: 89.85 – 89.25
Sell at 89.75 SL 90.05 TP 89.35
Written by iFOREX.bg