Dollar/Yen made made successful attempt to drop down bellow 94.50 region, where indicators signal further losses in the coming hours. We also expect the currency couple to follow stocks in the same direction. Short term preferable scenario is downward, with signals towards 93.00. Upcoming elections in Japan on 30 August are expected to give additional volatility for the Yen. The nearest support is today's bottom at 94.10. Immediate resistance is this morning's top at 95.25. The CCI indicator has crossed down a the 100 line on the 1 hour chart, confirming the current bearish pressure. Immediate support is today's bottom at 94.15.
Technical resistance levels: 95.30 96.40 97.35
Technical support levels: 94.15 93.00 91.85
Trading range: 94.50 - 93.90
Sell at 94.40 SL 94.70 TP 94.00
Already made +6 pips profit on USD/JPY today from the following signal:
5:40 GMT+1 Buy USD/JPY at 94.64 SL 94.38 TP 95.14 exited at 5:55 GMT.
Total today +81, yesterday +116, as shown at www.zifx.com/performance.php