USD/JPY Open 77.63 High 77.73 Low 76.71 Close 77.65
On Tuesday Dollar/Yen increased sharply with 100 pips, not matching the negative Interbank sentiment at under -50%. The currency couple appreciated from 76.71 to 77.73 yesterday, closing the day at 77.65. This morning the Dollar is correcting against the Yen, but still moving within yesterday's range for now. On the 1 hour the trading is still caught in a range, while on the 3 hour chart the downward channel has turned into quiet trading. Break above yesterday's top and nearest resistance 77.73 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 76.71, and consistent break bellow it could strengthen the Yen further down towards next target 75.80. Today are Japan BoJ meeting announcement, Leading and Coincident indicators composite index, Machinery orders, Current account, and Trade balance, at 3:30, 5, and 23:50 GMT respectively. Quotes are moving bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term slim bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and descending, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 77.73 78.58 79.41
Technical support levels: 76.71 75.80 74.94
Trading range: 77.35 - 76.70
Sell at 77.23 SL 77.53 TP 76.83
Already made +15 pips profit on USD/JPY today from the following sent to clients only signal:
5:26 GMT+1 Sell USD/JPY at 77.22 SL 77.48 TP 76.72, exit sent at 9:10 GMT+1.
Total today +122, yesterday +124, as shown in details at http://www.zifx.com/performance.php.