USD/JPY Firmer On Fed Tapering Talks
ZIFX com | Jan 21, 2014 05:40AM ET
USD/JPY Open 104.23
High 104.75
Low 103.85
Close 104.16
On Monday the USD/JPY decreased with 50 pips. The currency couple depreciated from 104.38 to 103.85 yesterday, not matching the positive money flow sentiment at almost +15%, closing the day at 104.16. This morning the dollar lifted against the yen, reaching 104.75.
On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. Break above today's top and nearest resistance 104.75 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 103.85, and consistent break below it could strengthen the yen further down towards next target 102.91.
There are no major economic events for Japan today.
Quotes are moving above the crossing 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 104.75 105.58 106.40
Technical support levels: 103.85 102.91 102.10
Today so far +9 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT Buy USD/JPY at 104.64 SL 104.38 TP 105.14, exit sent at 8:02 GMT.
Today so far +74,yesterday +56.
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