USD/JPY Firm Before Tomorrow's Fed Comments
ZIFX com | Sep 16, 2014 05:26AM ET
USD/JPY Open 107.13 High 107.37 Low 106.91 Close 107.16
On Monday USD/JPY decreased with 35 pips. The currency couple depreciated from 107.37 to 107.00 yesterday, not matching the positive money flow sentiment at around +8%, closing the day at 107.16. This morning the dollar is trading quietly against the yen, with movements within yesterday's range for now.
On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart the upward channel looks good. Break above today's top and nearest resistance 107.37 would encourage further recovery of the dollar. Immediate support is today's bottom at 106.91, and consistent break below it could strengthen the yen further down towards next target 106.03.
Quotes are moving about in line with the almost even 20 and 50 the EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and hesitant, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 107.37 108.25 109.08
Technical support levels: 106.91 106.03 105.20
Today so far +19 pips profit/loss on USD/JPY today from the following signal:
5:15 GMT+1 Buy USD/JPY at 107.15 SL 106.89 TP 107.65, exit given at 7:55 GMT+1.
Today so far +119, yesterday +80 pips.
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