USD/JPY Open 77.74 High 77.86 Low 77.62 Close 77.70
On Tuesday Dollar/Yen traded within narrow 20 pip range. The currency couple appreciated from 77.63 to 77.86 yesterday, not matching the negative Interbank sentiment at under -17%, closing the day at 77.70. This morning the Dollar descended slightly further against the Yen, reaching 77.62. On the 1 hour chart the new upward channel is on hold, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 77.86 would encourage further recovery of the Dollar. Immediate support is today's bottom at 77.62, and consistent break bellow it could strengthen the Yen further down towards next target 76.80. Today are Japan Leading and Coincident indicators composite index, Current account, Trade balance and Machinery orders, at 5 and 23:50 GMT respectively. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is thinly negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 77.86 79.70 80.84
Technical support levels: 77.62 76.80 75.96
Trading range: 77.85 - 77.20
Sell at 77.74 SL 78.04 TP 77.34
Already made +9 pips profit on USD/JPY today from the following sent to clients only signal:
5:22 GMT Sell USD/JPY at 77.75 SL 78.01 TP 77.25, exit sent at 7:47 GMT+1.
Total today +71, yesterday +129, as shown in details at http://www.zifx.com/performance.php.