USD/JPY Remains Weak And In Narrow Scope On Wednesday Dollar/Yen decreased with 105 pips. The currency couple depreciated from 98.20 to 97.15 yesterday, matching the negative money flow sentiment below -16%, closing the day at 97.34. This morning the Dollar is trading quietly against the Yen, with movements at the lower end of yesterdays range for now. On the 1 hour chart the downward channel has turned into range trading, while on the 3 hour chart trading is held within wide trading scope. Break above yesterdays top and nearest resistance 98.20 would encourage further recovery of the Dollar. Immediate support is yesterdays bottom at 97.15, and consistent break below it could strengthen the Yen further down towards next target 96.24. Today are Japan National and Tokyo CPIs, both at 23:50 GMT. Quotes are moving in line with the 20 and below the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals. #iktrust
Posted on: Thu, 24 Oct 2013 09:57:04 +0000
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