USD/JPY Open 89.24 High 89.73 Low 89.12 Close 89.23
Dollar/Yen is moving still within the well formed downward channel on the 1 hour chart. This week, the currency couple is trading hesitantly, testing the upper limit of the bearish channel at around 89.73. Persuasive break above that level may lead to direction change and strengthen the Dollar further towards next resistance level 90.50. The closest support is Monday’s bottom at 89.11. Going bellow that level would confirm the bearish outlook and may give the bears further advantage towards 91.06. Prices are currently above the 50 and 20 EMA, signaling for possible intraday appreciative adjustment, which is not expected to interrupt the continuation of the bearish trend in the longer term. The RSI indicator is in the overbought zone, MACD is slightly rising, while CCI is also overbought with decline on the 1 hour chart. Overall, indicators give mixed signals for the pair.
Technical resistance levels: 89.73 91.06 91.80
Technical support levels: 88.83 88.30 87.39
Trading range: 89.85 – 89.20
Sell at 89.72 SL 90.02 TP 89.32
Written by iFOREX.bg