Daily Forex Technicals |
Written by ZIFX.com |
Apr 02 12 10:10 GMT
USD/JPY Holds Within 160 Pip Range On The One Hour Chart
USD/JPY Open 82.85 High 83.30 Low 81.82 Close 82.81
On Friday Dollar/Yen increased significantly with 110 pips. The currency couple appreciated from 81.82 to 82.93 on Friday, not matching the negative Interbank sentiment at almost -45%, closing the week at 82.81. This morning the Dollar strengthened further against the Yen, reaching up to 83.30, later losing the gains. On the 1 hour chart quotes have returned into the trading range, while on the 3 hour chart the upward channel is still on hold. Break above today's top and nearest resistance 83.30 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 81.82, and consistent break bellow it could strengthen the Yen further down towards next target 81.00. Today were Japan Housing starts and Construction orders, both at 5 GMT. Quotes are moving bellow the twisted 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and tranquil too, while CCI has just crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 83.30 84.16 85.00
Technical support levels: 81.82 81.00 80.13
About the Author
ZIFX.com is managed by iFOREX Ltd. and it is in the business of teaching analysis of forex trends, and proposing potential trading signals - not recommendations. All statements and expressions are the opinion of the forex experts at ZIFX.com and are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Our opinions are subject to change without notice. We strongly advise clients to conduct thorough research relevant to decisions and verify facts from various independent sources. The staff at ZIFX.com is not to be held responsible for individual market positions, all trades that clients may take are based on their own final decisions. We do not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading signals or in any accompanying chart analyses, whether communicated by word or message, typed or spoken by any of ZIFX.com employees.