USD/JPY Turns Around, Remains In Narrow Scope
ZIFX com | Jul 23, 2014 05:28AM ET
Open 101.46
High 101.62
Low 101.32
Close 101.44
On Tuesday the USD/JPY traded within 30 pip range. The currency couple depreciated from 101.62 to 101.44 yesterday, not matching the positive money flow sentiment at above +8%, closing the day at 101.44. This morning the dollar is trading quietly against the yen, with movements at the lower end of yesterday's range for now.
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 below the crossing and even 20 and 50 the EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is thinly positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 101.62 102.50 103.33
Technical support levels: 101.32 100.45 99.60
Today so far +3 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:16 GMT+1 Buy USD/JPY at 101.40 SL 101.14 TP 101.90, exit sent at 7:10 GMT+1.
Today so far +93, yesterday +143.
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