USD/JPY Open 77.96 High 78.28 Low 77.61 Close 77.91
On Tuesday Dollar/Yen traded within nearly 70 pip range. The currency couple depreciated from 78.28 to 77.61 yesterday, matching the neutral Interbank sentiment at over +1%, closing the day at 77.91. This morning the Dollar is pushing up against the Yen, but moving still within yesterday's range for now. On the 1 hour chart new upward channel has emerged, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 78.28 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 77.61, and consistent break bellow it could strengthen the Yen further down towards next target 76.46. Today are Japan Housing and Construction orders, both at 5 GMT. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is thinly positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 78.28 79.16 80.00
Technical support levels: 77.61 76.46 75.62
Trading range: 77.90 - 78.55
Buy at 78.02 SL 77.72 TP 78.42
Already made +4 pips profit on USD/JPY today from the following sent to clients only signal:
5:23 GMT Sell USD/JPY at 77.91 SL 78.17 TP 77.41, exit sent at 5:49 GMT+1.
Total today +84, yesterday +150, as shown in details at http://www.zifx.com/performance.php.