USD/JPY At Heights Unseen Since June 2007
Lui Andersen | Mar 31, 2015 07:50AM ET
USD/JPY Open 120.05 High 120.37 Low 119.10 Close 120.03
On Monday Dollar/Yen increased with 115 pips. The currency couple depreciated from 119.10 to 120.24 yesterday, matching the positive money flow sentiment at over +7%, closing the day at 120.03. This morning the Dollar lifted further against the Yen, reaching 120.37.
On the 1 hour chart wide range trading has formed, while on the 3 hour chart the upward channel has turned into scope trading. Break above today's top and nearest resistance 120.37 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 119.10, and consistent break below it could strengthen the Yen further down towards next target 118.22.
Quotes are moving just above the 20 and below the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 120.37 121.16 122.00
Technical support levels: 119.10 118.22 117.40
Today so far +12 pips on USD/JPY today from the following signal:
5:30 GMT+1 Up USD/JPY at 120.13 Limit 119.87 Target 120.63, exit given at 5:42 GMT+1.
Today so far +135, yesterday +198, as shown at the website. Have a great day!
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