USD/JPY Moves Into Narrow Range

USD/JPY Open 79.43 High 79.74 Low 79.29 Close 79.46

On Wednesday Dollar/Yen decreased insignificantly with 45 pips. The currency couple depreciated from 79.74 to 79.29 yesterday, not matching the positive money flow sentiment at nearly 11%, closing the day at 79.46. This morning the Dollar is trading quietly against the Yen, with movements at the lower end of yesterday's range for now.

On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is still on hold. Break above yesterday's top and nearest resistance 79.74 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.29, and consistent break bellow it could strengthen the Yen further down towards next target 78.40.

Today is Japan Industrial output at 04:30 GMT.

Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is neutral and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral to light short signals.

Technical resistance levels: 79.74 80.62 81.47
Technical support levels: 79.29 78.40 77.56

Total today +5 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:18 GMT+1 Buy USD/JPY at 79.43 SL 79.17 TP 79.93, exit sent at 5:23 GMT+1.
Total today +85, yesterday +73, as shown at http://www.zifx.com/performance-past.php.