USD/JPY Open 77.91 High 78.70 Low 77.57 Close 77.87
On Tuesday Dollar/Yen continued decreasing with 90 pips, not matching the positive Interbank sentiment at over +7%. The currency couple depreciated from 78.70 to 77.82 yesterday, closing the day at 77.87. This morning the Dollar weakened further against the Yen, dropping down to 77.57. On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the downward channel looks good. Break above yesterday's top and nearest resistance 78.70 would encourage further recovery of the Dollar. Immediate support is today's bottom at 77.57, and consistent break bellow it could strengthen the Yen further down towards next target 76.69. Today is Japan Retail sales at 23:50 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 78.70 79.60 80.44
Technical support levels: 77.57 76.69 75.80
Trading range: 77.90 - 77.25
Sell at 77.76 SL 78.06 TP 77.36
Already made +26 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 77.83 SL 78.09 TP 77.33, exit sent at 8:50 GMT+1.
Total today +103, yesterday +148, as shown in details at http://www.zifx.com/performance.php.