USD/JPY Open 97.02 High 98.72 Low 95.72 Close 96.70
On Monday Dollar/Yen decreased significantly with 300 pips. The currency couple depreciated from 98.72 to 95.72 yesterday, matching the negative money flow sentiment at bellow -34%, closing the day at 96.70. This morning the Dollar corrected up against the Yen, moving within yesterday's range for now.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel has slowed down. Break above yesterday's top and nearest resistance 98.72 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 95.72, and consistent break bellow it could strengthen the Yen further down towards next target 94.8.
There are no major economic events for Japan today.
Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and declining, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 98.72 99.60 100.41
Technical support levels: 95.72 94.81 94.00
IMOH, Clement I.
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