ZIFX/com Analyses: USD/JPY Still Testing The 79 Resistance

USD/JPY Still Testing The 79 Resistance

USD/JPY Open 78.85 High 78.97 Low 78.61 Close 78.87

On Tuesday Dollar/Yen traded within narrow almost 30 pip range. The currency couple appreciated from 78.70 to 78.97 yesterday, matching the positive money flow sentiment at nearly +21%, closing the day at 78.87. This morning the Dollar descended slightly against the Yen, reaching 78.61.

On the 1 hour chart quotes are still holding within the trading range, while on the 3 hour chart quotes are moving within wider range. Break above yesterday's top and nearest resistance 78.97 would encourage further recovery of the Dollar. Immediate support is today's bottom at 78.61, and consistent break bellow it could strengthen the Yen further down towards next target 77.74.

There are no major economic events for Japan today.

Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI is in line with the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 78.97 79.86 80.70
Technical support levels: 78.61 77.74 76.90

Today so far +11 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Buy USD/JPY at 78.69 SL 78.43 TP 79.19, exit sent at 8:14 GMT+1.
Today so far +90, yesterday +172, as shown at our web site.

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