USD/JPY Open 77.77 High 78.28 Low 77.40 Close 77.76
On Wednesday Dollar/Yen decreased with 70 pips. The currency couple depreciated from 78.28 to 77.55 yesterday, matching the negative Interbank sentiment at nearly -1%, closing the day at 77.76. This morning the Dollar weakened further against the Yen after the dovish Fed indications, reaching 77.40. On the 1 hour chart the upward impulse has run out of steam, while on the 3 hour chart new wide range trading has formed. Break above yesterday's top and nearest resistance 78.28 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 77.40, and consistent break bellow it could strengthen the Yen further down towards next target 76.55. Today are Japan Nationwide and Tokyo-area CPI, and Retail sales, at 23:30 and 23:50 GMT respectively. Quotes are moving just bellow the crossed 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 78.28 79.17 80.00
Technical support levels: 77.40 76.55 75.71
Trading range: 77.70 - 77.05
Sell at 77.56 SL 77.86 TP 77.16
Already made +29 pips profit on USD/JPY today from the following sent to clients only signal:
5:20 GMT Sell USD/JPY at 77.69 SL 77.95 TP 77.19, exit sent at 9:58 GMT+1.
Total today +189, yesterday +80, as shown in details at http://www.zifx.com/performance.php.