USD/JPY Open 79.05 High 79.24 Low 78.92 Close 79.03

On Monday Dollar/Yen continued trading within narrow 30 pip range, not matching the negative Interbank sentiment at bellow -18%. The currency couple depreciated from 79.24 to 78.92 yesterday, closing the day at 79.03. This morning the Dollar is trading quietly against the Yen, and within yesterday's range for now. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the new downward channel has slowed down. Break above yesterday's top and nearest resistance 79.24 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 78.92, and consistent break bellow it could strengthen the Yen further down towards next target 78.00. There are no major economic events for Japan today. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is thinly negative and calm, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 79.24 80.16 81.00
Technical support levels: 78.92 78.00 77.14

Trading range: 79.20 - 78.55
Trend: Downward
Sell at 79.07 SL 79.37 TP 78.67

Already made +14 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Sell USD/JPY at 79.08 SL 79.34 TP 78.58, exit sent at 6:34 GMT+1.
Total today +130, yesterday +100, as shown in details at http://www.zifx.com/performance.php.

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