USD/JPY Hovers Around 120, European Stocks At 7 Year High
Lui Andersen | Apr 09, 2015 08:16AM ET
USD/JPY Open 120.17 High 120.39 Low 119.63 Close 120.11
On Wednesday Dollar/Yen decreased with 70 pips. The currency couple depreciated from 120.35 to 119.63 yesterday, not matching the positive money flow sentiment at around +5%, closing the day at 120.11. This morning the Dollar recovered against the Yen, climbing to 120.39, than bounced.
On the 1 hour chart wide range trading has taken shape, while on the 3 hour chart wide scope trading has also formed. Break above today's top and nearest resistance 120.39 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 119.63, and consistent break below it could strengthen the Yen further down towards next target 118.75.
Quotes are moving in parallel below the waving 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative 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: 120.39 121.28 122.10
Technical support levels: 119.63 118.75 117.90
Today so far +6 pips on USD/JPY today from the following signal:
5:30 GMT+1 Up USD/JPY at 120.27 Limit 120.01 Target 120.77, exit given at 6:54 GMT+1.
Today so far +163, yesterday +108, as shown at the website. Have a great day!
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