USD/JPY Hesitant And Narrow Range Movements Extend

By @ibtimes on

USD/JPY Open 76.79 High 76.88 Low 76.54 Close 76.82

On Tuesday Dollar/Yen traded within 35 pip range. The currency couple depreciated from 76.88 to 76.54 yesterday, not matching the positive Interbank sentiment at almost +6%, closing the day at 76.82. This morning the Dollar is trading hesitantly against the Yen, but movements are still within yesterday's range for now. On the 1 hour chart quotes are testing the lower limit of the trading range, while on the 3 hour chart quotes are held within wider trading range. Break above yesterday's top and nearest resistance 76.88 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 76.54, and consistent break bellow it could strengthen the Yen further down towards next target 75.70. Today is Japan Industrial output at 04:30 GMT. Quotes are moving about in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is thinly negative and calm, MACD is negative and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral to light short signals.
Technical resistance levels: 76.88 77.73 78.55
Technical support levels: 76.54 75.70 74.89

Trading range: 76.90 - 76.30
Trend: Downward
Sell at 76.80 SL 77.10 TP 76.40

Already made +2 pips profit on USD/JPY today from the following sent to clients only signal:
5:20 GMT Sell USD/JPY at 76.67 SL 76.93 TP 76.17, exit sent at 5:48 GMT+1.
Total today +101, yesterday +133, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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