Will USD/JPY Correction Turn Into Decline?

By @ibtimes on

USD/JPY Open 78.28 High 78.99 Low 77.93 Close 78.36

On Tuesday Dollar/Yen decreased with 100 pips, matching the negative Interbank sentiment at almost -78%. The currency couple depreciated from 78.99 to 78.00 yesterday, closing the day at 78.36. This morning the Dollar went even further down against the Yen, dropping to 77.93. On the 1 hour chart the upward impulse still holds quotes high, while on the 3 hour chart the upward channel broke the pair out of the range trading. Break above yesterday's top and nearest resistance 78.99 would encourage further recovery of the Dollar. Immediate support is today's bottom at 77.93, and consistent break bellow it could strengthen the Yen further down towards next target 77.10. There are no major economic events for Japan today. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 78.99 79.84 80.68
Technical support levels: 77.93 77.10 76.28

Trading range: 78.15 - 77.55
Trend: Downward
Sell at 78.05 SL 78.35 TP 77.65

Already made +1 pips profit on USD/JPY today from the following sent to clients only signal:
5:24 GMT Buy USD/JPY at 78.13 SL 77.87 TP 78.63, exit sent at 5:25 GMT+1.
Total today +95, yesterday +174, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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