Yen Firms As BoJ Leaves Rates Unchanged
ZIFX com | Mar 11, 2014 06:30AM ET
USD/JPY
Open 103.24
High 103.40
Low 102.92
Close 103.26
On Monday the USD/JPY increased with 60 pips. The currency couple appreciated from 102.92 to 102.56 yesterday, matching the positive money flow sentiment at over +14%, closing the day at 103.26. This morning the dollar lifted slightly further against the yen, reaching 103.43.
On the 1 hour chart quotes broke up of the trading range, while on the 3 hour chart the upward channel turned into range trading. Break above today's top and nearest resistance 103.43 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 102.92, and consistent break below it could strengthen the yen further down towards next target 102.04.
Today are Japan BoJ interest rate decision and monetary policy statement, Tertiary industry index, and Corporate goods price index, at 3 and 23:50 GMT respectively.
Quotes are moving just above the 20 and 50 the EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 103.43 104.30 105.14
Technical support levels: 102.92 102.04 101.20
Today so far +10 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT Buy USD/JPY at 103.26 SL 103.00 TP 103.76, exit sent at 7:05 GMT.
Today so far +76, yesterday +108, as shown here . Have a great day!
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