USD/JPY Adjusts Strongly After Yesterday's Decline
USD/JPY Open 98.25 High 99.34 Low 97.74 Close 97.84
On Wednesday Dollar/Yen decreased with 160 pips. The currency couple depreciated from 99.34 to 97.74 yesterday, matching the negative money flow sentiment at under -21%, closing the day at 97.84. This morning the Dollar is trading quietly against the Yen, with movements at the upper half of yesterday's range for now.
On the 1 hour chart quotes are back into the trading range, while on the 3 hour chart trading is held within wide trading scope. Break above yesterday's top and nearest resistance 99.34 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 97.74, and consistent break below it could strengthen the Yen further down towards next target 96.83.
Today were Japan All industry index, and the Leading and Coincident indicators, at 4:30 and 5 GMT respectively.
Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and declining, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 99.34 100.22 101.00
Technical support levels: 97.74 96.83 96.00