USD/JPY Quiet And Above 107 Ahead Of FOMC
ZIFX com | Sep 17, 2014 05:25AM ET
USD/JPY Open 107.16 High 107.34 Low 106.80 Close 107.11
On Tuesday USD/JPY decreased with 50 pips. The currency couple depreciated from 107.34 to 106.80 yesterday, not matching the positive money flow sentiment at over +6%, closing the day at 107.11. This morning the dollar is trading quietly against the yen, with movements at the upper end of 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 yesterday's top and nearest resistance 107.34 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 106.80, and consistent break below it could strengthen the yen further down towards next target 105.93.
Quotes are moving just above the 20 and 50 the EMA on the 1 hour chart, indicating slim bullish market. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 107.34 108.22 109.05
Technical support levels: 106.80 105.93 105.10
Today so far +6 pips profit/loss on USD/JPY today from the following signal:
5:15 GMT+1 Sell USD/JPY at 107.21 SL 107.47 TP 106.71, exit given at 7:35 GMT+1.
Today so far +79, yesterday +119 pips.
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