USD/JPY Supported By Short Term Yields
ZIFX com | Jul 24, 2014 05:26AM ET
Open 101.53
High 101.62
Low 101.32
Close 101.44
On Wednesday the USD/JPY traded within small 25 pip range. The currency couple appreciated from 101.30 to 101.57 yesterday, matching the positive money flow sentiment at nearly +7%, closing the day at 101.44. This morning the dollar ascended slightly further against the yen, reaching 101.60.
On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart trading is held within wide scope. Break above yesterday's top and nearest resistance 101.62 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 101.32, and consistent break below it could strengthen the yen further down towards next target 100.45.
Quotes are moving above the close 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 thinly positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 101.62 102.50 103.33
Technical support levels: 101.32 100.45 99.60
Today so far +9 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Buy USD/JPY at 101.50 SL 101.24 TP 102.00, exit sent at 10:19 GMT+1.
Today so far +79, yesterday +98.
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