USD/JPY Open 87.67 High 88.45 Low 87.04 Close 87.70
On Wednesday Dollar/Yen increased significantly, not matching the positive Interbank sentiment at nearly -1%. The currency couple climbed from 87.04 to 87.80 yesterday, closing the day at 87.70. This morning ascending continued up to 88.44. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart the bigger downward channel was also disturbed. Break above today’s top and nearest resistance 88.45 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 87.04, and consistent break bellow it could strengthen the Yen further down towards next target 86.11. There are no major economic events for Japan today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish market, but with warning last red candles. The value of the RSI indicator is positive and declining, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 88.45 89.55 90.71
Technical support levels: 87.04 86.11 85.26
Trading range: 88.30 – 87.65
Sell at 88.17 SL 88.47 TP 87.77
Written by iFOREX.bg