USD/JPY Drops Further, Approaching 77.5
ZIFX.com | Sep 13, 2012 05:37AM ET
On Wednesday USD/JPY traded within narrow 25 pip range. The currency couple depreciated from 77.97 to 77.73 yesterday, matching the negative money flow sentiment at nearly -12%, closing the day at 77.84. This morning the dollar weakened further against the yen, descending down to 77.57.
On the 1-hour chart new small angle downward channel has formed, while on the 3-hour chart quotes broke down of the wide trading range. Break above yesterday's top and nearest resistance 77.97 would encourage further recovery of the dollar. Immediate support is today's bottom at 77.57, and consistent break below it could strengthen the yen further down towards next target 76.46.
There are no major economic events for Japan today.
Quotes are moving below the 20 and 50 EMA on the 1-hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 77.97 78.85 79.70
Technical support levels: 77.57 76.46 75.30
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