Technical Analysis: USD/JPY Appreciating In Recent Days

NEW YORK (Forex News Now) – ForexNewsNow in partnership with iForex.bg brings you this USD/JPY Technical Analysis.

• USD/JPY – Open 83.16 / High 83.31 / Low 82.38 / Close 83.06

On Monday Dollar/Yen increased significantly with nearly 100 pips, in converse with the negative Interbank sentiment at nearly -37%. The currency couple appreciated from 82.38 to 83.16 yesterday, closing the day at 83.06. Today the bullish momentum is making resuming efforts, but unconvincing for now. On the 1 hour chart new upward channel is formed, while on the 3 hour the downward channel was broken upwards. Break above yesterday’s top and nearest resistance 83.31 would embolden further recovery of the Dollar. Immediate support is yesterday’s bottom at 82.38, and consistent break bellow it could strengthen the Yen further down towards next target 80.50. Today was Japan’s BoJ meeting announcement, which already passed at 3:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.

• Technical resistance levels: 83.31 84.14 85.00
• Technical support levels: 82.38 81.50 80.68
• Trading range: 83.05 – 83.70
• Trend: Upward
• Buy at 83.19 SL 82.89 TP 83.59

Already made +25 pips profit on USD/JPY today from the following signal:
5:33 GMT Buy USD/JPY at 82.91 SL 82.65 TP 83.41, exit sent at 7:33 GMT.
Total today +163, yesterday +190.