USD/JPY Open 88.27 High 89.10 Low 87.85 Close 88.43
After an insignificant continuation of the upward impulse, on Wednesday Dollar/Yen began a sharp decrease, loosing all gains from the previous day, in line with the negative Interbank sentiment at nearly -2%. The currency couple depreciated from 89.10 to 88.13 yesterday, closing the day at 88.43. Today descending extended down to 87.85. On the 1 hour chart trading is within range, and on the 3 hour chart the downward channels is trying to resume. Break above yesterday’s top and nearest resistance 89.10 would support further recovery of the Dollar. Immediate support is today’s bottom at 87.85, and consistent break bellow it could strengthen the Yen further down towards next target 87.00. Today are the Japan BoJ meeting announcement and Japan Tertiary activity index at 3:30 and 23:50 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and consolidating, MACD is negative and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 89.10 90.00 90.83
Technical support levels: 87.85 87.00 86.09
Trading range: 88.25 – 87.65
Sell at 88.13 SL 88.43 TP 87.77
Written by iFOREX.bg