On Tuesday Dollar/Yen increased with 115 pips. The currency couple appreciated from 97.18 to 98.34 yesterday, matching the positive money flow sentiment at around +26%, closing the day at 98.17. This morning the Dollar lifted further against the Yen, reaching 98.43.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart trading is held within wide trading scope. Break above today's top and nearest resistance 98.43 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 97.18, and consistent break below it could strengthen the Yen further down towards next target 96.30.
There are no major economic events for Japan today.
Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and tranquil, while CCI has crossed up the 1 hour chart, giving over all long signals.
Technical resistance levels: 98.43, 99.30, 100.11
Technical support levels: 97.18, 96.30, 95.50
IMOH, Clement I.
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