USD/JPY Steadies As U.S. Jobs Data Looms
Lui Andersen | Mar 04, 2015 06:56AM ET
USD/JPY Open 119.58 High 120.22 Low 119.37 Close 119.67
On Tuesday Dollar/Yen decreased with 85 pips. The currency couple depreciated from 120.22 to 119.37 yesterday, not matching the positive money flow sentiment at around +6%, closing the day at 119.67. This morning the Dollar is trading quietly against the Yen, with movements at the lower half of yesterday's range for now.
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 yesterday's top and nearest resistance 120.22 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 119.37, and consistent break below it could strengthen the Yen further down towards next target 118.48.
Quotes are moving in line with 20 and above the 50 the EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 120.22 121.10 121.93
Technical support levels: 119.37 118.48 117.30
Today so far +14 pips on USD/JPY today from the following signal:
5:30 GMT Up USD/JPY at 119.69 Limit 119.43 Target 120.19, exit given at 6:53 GMT.
Today so far +101, yesterday +154, as shown at the website. Have a great day!
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