USD/JPY Bounces Just Bellow 79

On Monday Dollar/Yen increased with 75 pips. The currency couple appreciated from 78.16 to 78.93 yesterday, matching the positive money flow sentiment at above 15%, closing the day at 78.69. This morning the Dollar is trading quietly against the Yen, and within yesterday's range for now.

On the 1 hour chart range trading is forming, while on the 3 hour chart the downward channel is on hold. Break above yesterday's top and nearest resistance 78.93 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 78.16, and consistent break bellow it could strengthen the Yen further down towards next target 77.30.

There are no major economic events for Japan today.

Quotes are moving above the crossing 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral to light long signals.

Technical resistance levels: 78.93 79.80 80.75 Technical support levels: 78.16 77.30 76.47

Today so far +3 pips profit/loss on USD/JPY today from the following sent to clients only signal: 5:15 GMT+1 Sell USD/JPY at 78.59 SL 78.85 TP 78.09, exit sent at 5:19 GMT+1. Today so far +65, yesterday +82, as shown at http://www.zifx.com/performance-past.php.