USD/JPY Rallies Above 120 Ahead Of U.S. Jobs
Lui Andersen | Mar 05, 2015 08:32AM ET
USD/JPY Open 119.58 High 120.37 Low 119.46 Close 119.67
On Wednesday Dollar/Yen decreased insignificantly with 35 pips. The currency couple depreciated from 119.83 to 119.46 yesterday, not matching the positive money flow sentiment at above +5%, closing the day at 119.67. This morning the Dollar lifted further against the Yen, reaching up to 120.37.
On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel has turned into range trading. Break above today's top and nearest resistance 119.91 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 119.46, and consistent break below it could strengthen the Yen further down towards next target 118.58.
Quotes are moving way above the twisted 20 and 50 the EMA on the 1 hour chart, indicating strong bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 120.37 121.25 122.08
Technical support levels: 119.46 118.58 117.76
Today so far +50 pips on USD/JPY today from the following signal:
5:30 GMT Up USD/JPY at 119.83 Limit 119.57 Target 120.33, Target reached at 13:16 GMT.
Today so far +161, yesterday +137, as shown at the website. Have a great day!
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