Technical Analysis

Wednesday, 19 June 2013

USD/JPY Steady, Fed Policy Awaited

USD/JPY Open 95.49 High 95.76 Low 94.40 Close 95.28

On Tuesday Dollar/Yen increased with 135 pip range. The currency couple appreciated from 94.40 to 95.76 yesterday, matching the positive money flow sentiment at around +16%, closing the day at 95.28. This morning the Dollar is trading quietly against the Yen, with movements at the upper end of yesterday's range for now.

On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart wide range trading has formed. Break above yesterday's top and nearest resistance 95.76 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 94.40, and consistent break below it could strengthen the Yen further down towards next target 93.50.

Today are Japan Foreign and Foreign bond investment, both at 23:50 GMT.

Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is positive and inclining upwards, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 95.76 96.65 97.44
Technical support levels: 94.40 93.50 92.72

Today so far +23 pips profit/loss on USD/JPY today from the following sent to clients only signal:
7:34 GMT+1 Sell USD/JPY at 95.05 SL 95.31 TP 94.55, exit sent at 9:24 GMT+1.
Today so far +74, yesterday +53, as shown here. Have a great day!

USD/JPY Chart

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USD/JPY Steady, Fed Policy Awaited

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