USD/JPY In Very Narrow 40 Pip Range
18 Jul, 2012 @ 05:47 am BST | written by iFOREX
USD/JPY Open 79.11 High 79.19 Low 78.78 Close 79.05
On Tuesday Dollar/Yen traded within narrow 40 pip range. The currency couple appreciated from 78.78 to 79.19 yesterday, not matching the negative money flow sentiment at bellow -18%, closing the day at 79.05. This morning the Dollar is trading quietly against the Yen, with movements within yesterday's range for now.
On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is still on hold. Break above yesterday's top and nearest resistance 79.19 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 78.78, and consistent break bellow it could strengthen the Yen further down towards next target 77.90.
There are no major economic events for Japan today.
Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 79.19 80.11 82.00
Technical support levels: 78.78 77.90 77.00
Today so far +13 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT+1 Sell USD/JPY at 79.07 SL 79.33 TP 78.57, exit sent at 6:29 GMT+1.
Today so far +153, yesterday +61, as shown at http://www.zifx.com/performance-past.php.
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