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Technical Analysis - 3 February 2012
USD/JPY With Tiny Movements Since Tuesday
USD/JPY Open 76.16 High 76.25 Low 76.04 Close 76.20
On Thursday Dollar/Yen continued trading within even narrower 10 pip range. The currency couple appreciated from 76.04 to 76.25 yesterday, matching the neutral Interbank sentiment at over +1%, closing the day at 76.20. This morning the Dollar is trading quietly against the Yen, and within yesterday's range for now. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart quotes broke down of the trading range. Break above yesterday's top and nearest resistance 76.25 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 76.04, and consistent break bellow it could strengthen the Yen further down towards next target 75.18. There are no major economic events for Japan today. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and calm, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral to light long signals.
Technical resistance levels: 76.25 77.16 78.00
Technical support levels: 76.04 75.18 74.30
Trading range: 76.35 - 75.75
Trend: Downward
Sell at 76.25 SL 76.55 TP 75.85
Already made +4 pips profit on USD/JPY today from the following sent to clients only signal:
5:18 GMT Sell USD/JPY at 76.20 SL 76.46 TP 75.70, exit sent at 9:31 GMT+1.
Total today +142, yesterday +102, as shown in details
here.
Important: Our technical analysis are free. They are not
daily/ evening forecast, neither
a trading signal. Therefore the expectations shown here may differ from our forecasts
and signals, to give readers different point of view. The analysis are updated around 5:00, 8:00 and 10:00 GMT ±1 hour, for the EUR/USD, GBP/USD and USD/JPY respectively. By viewing
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