USD/JPY Open 99.15 High 100.08 Low 98.88 Close 99.07
On Tuesday Dollar/Yen decreased with 120 pips. The currency couple depreciated from 100.08 to 98.88 yesterday, matching the negative money flow sentiment at around -11%, closing the day at 99.07. This morning the Dollar is trading quietly against the Yen, with movements at the lower half of yesterday's range for now.
On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart quotes are held within wide trading scope. Break above yesterday's top and nearest resistance 100.08 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 98.88, and consistent break below it could strengthen the Yen further down towards next target 98.00
There are no major economic events for Japan today.
Quotes are moving just below the overlapping 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and hesitant, MACD is thinly negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 100.08 101.00 101.77
Technical support levels: 98.88 98.00 97.21
IMOH, Clement I.
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