USD/JPY Open 90.72 High 91.05 Low 90.35 Close 90.76
Dollar/Yen climbed on Monday to the 91.05 top, where the ascending momentum was limited, and the currency couple continued dropping down to 90.58, closing the day at 90.76. On the 3 hour chart quotes are testing the lower limit of the upward channel, while on the 1 hour chart we see a smaller downward channel taking shape. Consistent movement bellow the nearest support at 90.35 may trigger stronger bearish impulse with targets towards 89.50, while increase above 91.05 might renew the bullish perspective in the medium term with possible test of 92.00. 20 and 50 EMA remain above current prices which indicates bearish potential. RSI, CCI and MACD indicators are positive on the 1 hour chart, supporting the current upward impulse.
Technical resistance levels: 91.05 92.00 92.82
Technical support levels: 90.35 89.50 88.62
Trading range: 90.45 – 91.05
Buy at 90.55 SL 90.25 TP 90.95
Written by iFOREX.bg