USD/JPY Open 87.51 High 87.71 Low 86.75 Close 87.43
Dollar/Yen resumed increasing on Friday, in converse with the negative Interbank sentiment at nearly +10%. The currency couple appreciated from 86.75 to 87.50 on Friday, closing the week at 87.43. Today the the pair started descending sharply. On the 1 hour chart the downward channel is on hold, and on the 3 hour chart quotes are trying to return into it. Break above today’s top and nearest resistance 87.71 would support further recovery of the Dollar. Immediate support is Friday’s bottom at 86.75, and consistent break bellow it could strengthen the Yen further down towards next target 85.50. There are no major economic events for Japan today. Quotes have crossed down the 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and declining, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 87.71 88.55 89.40
Technical support levels: 86.75 85.50 84.12
Trading range: 87.30 – 86.65
Sell at 87.19 SL 87.49 TP 86.79
Written by iFOREX.bg