USD/JPY Open 87.52 High 87.97 Low 87.02 Close 87.51
On Tuesday Dollar/Yen traded hesitantly and within a range, not exactly matching the positive Interbank sentiment at nearly -12%. The currency couple first climbed to 87.97, from where started descending down to 87.37 yesterday, closing the day at 87.51. Today descending resumed down to 87.02. On the 1 hour chart the downward channel is renewed, while on the 3 hour chart the bigger downward channel is still intact. Break above yesterday’s top and nearest resistance 87.97 would support further recovery of the Dollar. Immediate support is today’s bottom at 87.02, and consistent break bellow it could strengthen the Yen further down towards next target 86.11. Today are the Japan Current account, Trade balance, M2+CDs money supply, and Machinery orders core, all at 23:50 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish market. The value of the RSI indicator is negative and consolidating, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 87.97 89.55 90.71
Technical support levels: 87.02 86.11 85.26
Trading range: 87.30 – 88.70
Sell at 87.20 SL 87.50 TP 86.80
Written by iFOREX.bg