USD/JPY Steady In Ahead Of Yellen
ZIFX com | Feb 11, 2014 05:34AM ET
USD/JPY Open 102.13
High 102.67
Low 101.98
Close 102.20
On Monday the USD/JPY decreased with 70 pips. The currency couple depreciated from 102.67 to 101.98 yesterday, matching the negative money flow sentiment at nearly -14%, closing the day at 102.20. This morning the dollar is trading quietly against the yen, with movements within yesterday's range for now.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the upward channel has turned into range trading. Break above yesterday's top and nearest resistance 102.67 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 101.98, and consistent break below it could strengthen the yen further down towards next target 101.08.
Today is Japan National Foundation Day, Tertiary industry index, Machinery orders, and M2+CD money supply, at 23:50 GMT.
Quotes are moving above the close 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, 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: 102.67 103.56 104.48
Technical support levels: 101.98 101.08 100.26
Today so far +5 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT Sell USD/JPY at 102.25 SL 102.51 TP 101.75, exit sent at 8:01 GMT.
Today so far +84,yesterday +55, as shown at our web site.
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