USD/JPY Remains Strong, Overcoming 107
ZIFX com | Sep 11, 2014 05:29AM ET
USD/JPY
Open 106.80
High 107.04
Low 106.02
Close 106.81
On Wednesday USD/JPY increased with 85 pips. The currency couple appreciated from 106.02 to 106.89 yesterday, matching the positive money flow sentiment at over +21%, closing the day at 106.81. This morning the dollar rose further against the yen, reaching 107.04.
On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel iss accelerating. Break above today's top and nearest resistance 107.04 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 106.02, and consistent break below it could strengthen the yen further down towards next target 105.14.
Quotes are moving above the parallel 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 107.04 107.90 108.72
Technical support levels: 106.02 105.14 104.30
Today so far +29 pips profit/loss on USD/JPY today from the following signal:
5:15 GMT+1 Buy USD/JPY at 106.75 SL 106.49 TP 107.25, exit given at 6:59 GMT+1.
Today so far +90, yesterday +176 pips
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