USD/JPY Open 89.39 High 89.75 Low 88.58 Close 89.42
Yen continued its gradual appreciation against the US Dollar. It is accompanied with great uncertainty and indecision, which is evident from the large candles downwards. The price slips on the SMA, not being able to overcome it for fifth consecutive day, which is a typical technical skill to maintain direction. During this time the movement was slight with 165 pips only. Yen is seriously affected by the changes of the stock markets. Therefore particular movement there would have impact on the Japanese currency. Short term support levels are 87.95, followed by triple bottom at 86.85. Immediate resistance is represented by the 90.20 level, followed by 92.55.
Technical resistance levels: 90.20 92.55 93.80
Technical support levels: 87.95 86.85 85.85
Trading range: 89.20 - 88.55
Sell at 89.06 SL 89.36 TP 88.66