Yen Shows Resiliance When Markets Under Stress
ZIFX com | Feb 27, 2014 05:30AM ET
USD/JPY
Open 102.39
High 102.61
Low 101.85
Close 102.36
On Wednesday the USD/JPY increased insignificantly with 45 pips. The currency couple appreciated from 102.61 to 102.08 yesterday, not matching the negative money flow sentiment at nearly -11%, closing the day at 102.36. This morning the dollar descended against the yen, reaching down to 101.85.
On the 1 hour chart the downward channel has turned into range trading, while on the 3 hour chart the upward channel is still on hold. Break above yesterday's top and nearest resistance 102.61 would encourage further recovery of the dollar. Immediate support is today's bottom at 101.85, and consistent break below it could strengthen the yen further down towards next target 100.96.
Today are Japan National and Tokyo CPI, Household spending, Unemployment, Retail sales, and Industrial production, at 23:30 and 23:50 GMT respectively.
Quotes are moving way below the close 20 and 50 the EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 102.61 103.50 104.32
Technical support levels: 101.85 100.96 100.14
Today so far +7 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT Buy USD/JPY at 102.33 SL 102.07 TP 102.83, exit sent at 5:46 GMT.
Today so far +118, yesterday +85.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.