USD/JPY Open 88.64 High 89.13 Low 88.37 Close 88.61
After climbing in the morning, on Monday Dollar/Yen decreased, loosing the earlier gains, not matching the positive Interbank sentiment at around +14%. The currency couple depreciated from 89.13 to 88.37 yesterday, closing the day at 88.61. This morning movements are calm so far. On the 1 and 3 hour charts the downward channel is still broken upwards. Break above yesterday’s top and nearest resistance 89.13 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 88.37, and consistent break bellow it could strengthen the Yen further down towards next target 87.50. Today was the Japan Industrial output, already passed at at 4:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish market. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 89.13 90.00 90.83
Technical support levels: 88.37 87.50 86.48
Trading range: 88.65 – 88.00
Sell at 88.53 SL 88.83 TP 88.13
Written by iFOREX.bg