USD/JPY Open 88.45 High 88.76 Low 88.09 Close 88.43
On Wednesday Dollar/Yen traded with low volatility, not matching the very negative Interbank sentiment at nearly -70%. The currency couple depreciated from 88.76 to 88.36 yesterday, closing the day at 88.43. Today the pair renewed descending down to 88.09. On the 1 hour chart the downward channel is intact, while on the 3 hour chart bigger downward channel is forming. Break above yesterday’s top and nearest resistance 88.76 would support further recovery of the Dollar. Immediate support is this morning’s bottom at 88.09, and consistent break bellow it could strengthen the Yen further towards next target 87.22. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and consolidating, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 88.76 89.55 90.71
Technical support levels: 88.09 87.22 86.00
Trading range: 88.50 – 87.90
Sell at 88.40 SL 88.70 TP 88.00
Written by iFOREX.bg