USD/JPY Still Strong, Next Target 103
ZIFX.com | May 16, 2013 05:35AM ET
On Wednesday, the USD/JPY traded within the 90 pip range. The currency couple depreciated from 102.76 to 101.84 yesterday, not matching the positive money flow sentiment at almost +17% and closing the day at 102.20. The Dollar is trading quietly against the Yen this morning, with movements at the upper half of yesterday's range for now.
The upward channel has resumed on the 1 hour chart, while the upward channel is intact on the 3 hour chart. Breaking above yesterday's top and nearest resistance 102.76 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 101.84, and consistent break bellow could strengthen the Yen further down towards the next target of 100.93.
Data duetoday: Japan Industrial Production, Capacity Utilization and Machinery orders, at 4:30 and 23:50 respectively.
Quotes are moving just 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. The MACD is positive and tranquil, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 102.76 103.65 104.44
Technical support levels: 101.84 100.93 100.12
Today so far +40 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Buy USD/JPY at 102.18 SL 101.92 TP 102.68, exit sent at 10:13 GMT+1.
Today so far +136, yesterday +189, as shown at our web site. Have a great day!
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