USD/JPY Recovers Strongly After Fed Minutes
ZIFX com | Aug 22, 2013 05:25AM ET
Open 97.78
High 98.60
Low 97.11
Close 97.61
On Wednesday USD/JPY increased with 85 pips. The currency couple appreciated from 97.11 to 97.99 yesterday, matching the positive money flow sentiment at almost +16%, closing the day at 97.61. This morning the Dollar pushed further up against the Yen, reaching 98.60.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart trading is held within wide trading scope. Break above today's top and nearest resistance 98.60 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 97.11, and consistent break below it could strengthen the yen further down towards next target 96.23.
There are no major economic events for Japan today.
Quotes are moving way above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 98.60 99.48 100.27
Technical support levels: 97.11 96.23 95.40
Today so far +41 pips profit/loss on USD/JPY, signaling to clients:
5:15 GMT+1 Buy USD/JPY at 98.16, SL 97.90, TP 98.66, exit sent at 10:07 GMT+1.
Today so far +115, yesterday +86.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.