USD/JPY Commences Recovery, Approaching 100
ZIFX.com | Jul 15, 2013 05:25AM ET
On Friday Dollar/Yen traded within 100 pip range. The currency couple appreciated from 98.66 to 99.70 on Friday, not matching the negative money flow sentiment at almost -11%, closing the week at 99.17. This morning the Dollar is trading quietly against the Yen, with movements within Friday's range for now.
On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart quotes are held within wide trading scope. Break above Friday's top and nearest resistance 99.70 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 98.66, and consistent break below it could strengthen the Yen further down towards next target 97.77
Today is Japan's Marine Day.
Quotes are moving above the crossing (trend reversing) and even 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 99.70 100.58 101.35
Technical support levels: 98.66 97.77 97.00
Today so far +39 pips profit/loss on USD/JPY today from the following sent to clients only signal:
8:15 GMT+1 Buy USD/JPY at 99.49 SL 99.23 TP 99.99, exit sent at 9:45 GMT+1.
Today so far +133, on Friday +139, as shown at our web site. Have a great day!
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