USD/JPY In 100 Pip Range Trading This Week

By @ibtimes on

USD/JPY Open 77.96 High 78.15 Low 77.29 Close 77.59

On Wednesday Dollar/Yen decreased with 85 pips as Dollar weakened across the board. The currency couple depreciated from 78.15 to 77.29 yesterday, matching the negative Interbank sentiment at under -5%, closing the day at 77.59. This morning the Dollar is trading quietly against the Yen, with movements within yesterday's range for now. On the 1 hour chart the new upward channel has slowed down, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 78.15 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 77.29, and consistent break bellow it could strengthen the Yen further down towards next target 76.46. There are no major economic events for Japan today. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 78.15 79.00 79.73
Technical support levels: 77.29 76.46 75.62

Trading range: 77.85 - 77.20
Trend: Downward
Sell at 77.72 SL 78.02 TP 77.32

Already made +13 pips profit on USD/JPY today from the following sent to clients only signal:
5:23 GMT Sell USD/JPY at 77.68 SL 77.94 TP 77.18, exit sent at 8:15 GMT+1.
Total today +111, yesterday +84, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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