USD/JPY Open 87.77 High 88.11 Low 86.85 Close 87.87
Dollar/Yen climbed strongly on Tuesday, covering all losses from the previous day and more, in converse with the negative Interbank sentiment at nearly -18%. The currency couple appreciated from 86.85 to 87.98 yesterday, closing the day at 87.87. Today the bullish momentum is pushed up further to 88.11. On the 1 hour chart new weak upward channel is forming, and on the 3 hour chart quotes are testing the upper limit of the downward channel. Break above today’s top and nearest resistance 88.11 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 86.85, and consistent break bellow it could strengthen the Yen further down towards next target 85.72. Today are Japan Retail sales at 23:50 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and consolidating, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall bullish signals.
Technical resistance levels: 88.11 89.00 89.83
Technical support levels: 86.85 85.72 84.87
Trading range: 87.75 – 88.40
Trend: Upward
Buy at 87.88 SL 87.58 TP 88.28
Written by iFOREX.bg
