USD/JPY Open 98.86 High 99.16 Low 98.57 Close 98.97
On Wednesday Dollar/Yen traded within 60 pip range. The currency couple depreciated from 99.16 to 98.57 yesterday, matching the negative money flow sentiment at nearly -16%, closing the day at 98.97. 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 range trading has formed, while on the 3 hour chart the upward channel is still on hold. Break above yesterday's top and nearest resistance 99.16 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 98.57, and consistent break bellow it could strengthen the Yen further down towards next target 97.69.
Today are Japan Leading and Coincident indicators, Current account, and Trade balance, at 5 and 23:50 GMT respectively.
Quotes are moving just bellow the crossing and close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 99.16 100.05 101.24
Technical support levels: 98.57 97.69 96.88
IMOH, Clement I.
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