USD/JPY Adjusts After Yesterday's Slash
ZIFX.com | Jul 11, 2013 05:24AM ET
On Wednesday Dollar/Yen sank with 205 pips on Bernanke speech. The currency couple depreciated from 101.22 to 98.15 yesterday, matching the negative money flow sentiment at under -31%, closing the day at 99.63. This morning the Dollar is trading quietly against the Yen, with movements at the lower end of yesterday's range for now.
On the 1 hour chart the upward channel is turning into range trading, while on the 3 hour chart quotes are held within wide trading scope. Break above yesterday's top and nearest resistance 101.22 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 98.15, and consistent break below it could strengthen the Yen further down towards next target 97.26
There are no major economic events for Japan today.
Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and declining, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 101.22 102.10 102.90
Technical support levels: 98.15 97.26 96.45
Today so far +50 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 98.82 SL 99.08 TP 98.32, TP reached at 6:06 GMT+1.
Today so far +113, yesterday +89, as shown at our web site. Have a great day!
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