USD/JPY Momentum Resumes, Going Highest Since 2002
Lui Andersen | May 28, 2015 07:36AM ET
USD/JPY Open 123.71 High 124.39 Low 122.76 Close 123.59
On Wednesday USD/JPY continued increasing significantly with 130 pips. The currency couple appreciated from 122.76 to 124.07 yesterday, matching the positive money flow sentiment at nearly +14%, closing the day at 123.59. This morning the dollar lifted further against the yen, reaching 13 year high at 124.39.
On the 1 hour chart the upward channel has extended, while on the 3 hour chart the upward channel looks good. Break above today's top and nearest resistance 124.39 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 122.76, and consistent break below it could strengthen the yen further down towards next target 120.40.
Quotes are moving above the widened 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 124.39 124.63 125.46
Technical support levels: 122.76 120.40 119.57
Today +4 pips were gained so far on USD/JPY from the following signal:
5:30 GMT+1 Up USD/JPY at 124.11 Limit 123.85 Target 124.61, exit given at 5:31 GMT+1.
Today so far +72, total yesterday +129, as shown at the website. Have a great day!
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