USD/JPY Open 90.85 High 94.98 Low 88.49 Close 90.56
Dollar/Yen decreased significantly on Thursday with over 500 pips, in line with the Interbank sentiment at nearly -34%. Yesterday the currency couple depreciated from 94.98 to 88.49, closing the day at 90.56. Today the currency couple recovered partially and is expected to resume dropping. Break above the nearest 94.98 resistance and yesterday’s top would support recovery of the Dollar. Immediate support is yesterday’s bottom at 88.49, and consistent break bellow it could strengthen the Yen further towards next objective 87.60. 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 middle term bearish pressure and possible upward correction in the short term. The value of the RSI indicator is in the overbought zone and declining, MACD is positive and inclining upwards, while CCI is neutral and declining on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 94.98 95.73 97.00
Technical support levels: 88.49 87.60 86.19
Trading range: 92.40 – 91.65
Sell at 92.28 SL 92.58 TP 91.78
Written by iFOREX.bg