USD/JPY Shrinks Further Down to 77.47
USD/JPY Open 79.31 High 80.37 Low 77.47 Close 79.15
On Tuesday Dollar/Yen sunk with 290 pips, matching the negative Interbank sentiment at nearly -11%. The currency couple depreciated from 80.83 to 77.47 yesterday, closing the day at 80.24. This morning the Dollar is trading quietly against the Yen after partial recovery, and within yesterday's range for now. On the 1 hour chart the downward channel looks good, while on the 3 hour chart new downward channel has emerged. Break above yesterday's top and nearest resistance 80.37 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 77.47, and consistent break bellow it could strengthen the Yen further down towards next target 76.60. Today are Japan Industrial output and BoJ monthly economic report, at 04:30 and 5 GMT respectively. 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 calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 80.37 81.24 82.10
Technical support levels: 77.47 76.60 75.71
Trading range: 79.45 - 78.80
Sell at 79.33 SL 79.63 TP 78.93
Already made +22 pips profit on USD/JPY today from the following signal:
5:31 GMT+1 Sell USD/JPY at 79.46 SL 79.72 TP 78.96, exit sent at 9:10 GMT+1.
Total today +115, yesterday +178, as shown in details at http://www.zifx.com/performance.php.