On Tuesday Dollar/Yen spiked down, decreasing with 85 pips. The currency couple depreciated from 80.14 to 79.27 yesterday, matching the negative money flow sentiment at nearly -17%, closing the day at 79.59. This morning the Dollar is trading slightly up against the Yen, with movements at the lower half of yesterday's range for now.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart wide range trading has formed. Break above yesterday's top and nearest resistance 80.14 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.27, and consistent break bellow it could strengthen the Yen further down towards next target 78.40.
Today were Japan Housing starts and Construction orders, both at 5 GMT.
Quotes are moving just above the close 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 tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 80.14 81.00 81.84
Technical support levels: 79.27 78.40 77.58
Today so far +7 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:17 GMT Sell USD/JPY at 79.63 SL 79.89 TP 79.13, exit sent at 5:57 GMT.
Today so far +155, yesterday +139, as shown at our web site.
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