USD/JPY Bounces Up As European Market Loses Lustre
Lui Andersen | Mar 26, 2015 08:52AM ET
USD/JPY Open 119.75 High 119.83 Low 118.32 Close 119.71
On Wednesday dollar/yen decreased with 60 pips. The currency couple depreciated from 119.83 to 119.22 yesterday, matching the negative money flow sentiment at under -8%, closing the day at 119.71. This morning the dollar weakened further against the yen, reaching 118.32.
On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is also vanishing. Break above yesterday's top and nearest resistance 119.83 would encourage further recovery of the dollar. Immediate support is today's bottom at 118.32, and consistent break below it could strengthen the yen further down towards next target 117.44.
Quotes are moving just below the widened 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and rising, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 119.83 120.72 121.54
Technical support levels: 118.32 117.44 116.60
Today so far +50 pips on USD/JPY today from the following signal:
5:30 GMT Down USD/JPY at 119.00 Limit 119.26 Target 118.50, Target reached at 8:09 GMT.
Today so far +210, yesterday +166, as shown at the website. Have a great day!
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