USD/JPY Open 87.34 High 88.61 Low 86.30 Close 87.33
On Wednesday Dollar/Yen dropped with around 140 pips down to 87.20, closing the day at 87.33. Today, after descending continuation in the morning down to 86.30, the currency couple started correcting upwards as quotes went in the oversold zone. The adjustment, however, could be temporary, and the decreasing scenario may continue as bears show real strength this week. While intraday signals may be upwards, short term outlook is expected to remain decreasing towards next target 85.15. Break bellow that level could trigger stronger bearish impulse with possible testing of 84.00. First support is today’s bottom at 86.30. The nearest resistance is yesterday’s top at 88.60. The CCI indicator is in the oversold area and upwards of a 3 hour chart, so potential upward adjustment towards 88.60 should not come unexpected. Break above this level may bring serious threat to the downward channel.
Technical resistance levels: 88.60 89.70 90.85
Technical support levels: 86.30 85.15 84.00
Trading range: 86.45 – 87.10
Buy at 86.59 SL 88.14 TP 86.99
Already made +11 pips profit on USD/JPY today from the following signal:
5:34 GMT+1 Sell USD/JPY at 86.60 SL 86.86 TP 86.10 exited at 5:51 GMT.
Total today +85, yesterday +148, as shown in details here.
Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.
Written by iFOREX.bg