USD/JPY Quotes Indicate Bearish Pressure
ZIFX com | Aug 28, 2014 05:30AM ET
USD/JPY
Open 103.88
High 104.16
Low 103.67
Close 103.86
On Wednesday the USD/JPY traded within 40 pip range. The currency couple appreciated from 104.16 to 103.77 yesterday, matching the positive money flow sentiment at above +5%, closing the day at 103.86. This morning the dollar descended slightly further against the yen, reaching 103.67.
On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart new upward channel is taking shape. Break above yesterday's top and nearest resistance 104.18 would encourage further recovery of the dollar. Immediate support is today's bottom at 103.67, and consistent break below it could strengthen the Yen further down towards next target 102.80.
Quotes are moving below the 20 and 50 the EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is thinly positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 104.16 105.05 105.88
Technical support levels: 103.67 102.80 101.97
Today so far +10 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 103.76 SL 104.02 TP 103.26, exit sent at 6:35 GMT+1.
Today so far +43, yesterday +46.
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