Technical Analysis Daily: USD/JPY

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Technical Analysis Daily: USD/JPY

USD/JPY 80.95
USD/JPY Open 81.03 High 81.28 Low 80.80 Close 80.93
On Tuesday Dollar/Yen decreased insignificantly with less than 50 pips, not exactly matching the very negative Interbank sentiment at bellow -76%. The currency couple depreciated from 81.28 to 80.83 yesterday, closing the day at 80.93. This morning the Dollar weakened slightly further down to 80.80 against the Yen. On the 1 hour chart the downward trading has moved into a range, while on the 3 hour chart wide range trading has also formed. Break above yesterday's top and nearest resistance 81.28 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.80, and consistent break bellow it could strengthen the Yen further down towards next target 79.86. Today is Japan Trade balance at 23:50 GMT. Quotes are moving in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is thinly negative and hesitant, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.

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