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Daily Forex Technicals |
Written by ZIFX.com |
Feb 08 12 10:30 GMT
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USD/JPY In Newly Formed Upward Channel On The 1 Hour Chart
USD/JPY Open 76.76 High 77.18 Low 76.51 Close 76.75
On Tuesday Dollar/Yen increased with 45 pips. The currency couple appreciated from 76.51 to 76.96 yesterday, not matching the negative Interbank sentiment at bellow -5%, closing the day at 76.75. This morning the Dollar strengthened further against the Yen,climbing to 77.18. On the 1 hour chart new upward channel is emerging, while on the 3 hour chart quotes returned to the wider trading range. Break above today's top and nearest resistance 77.18 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 76.51, and consistent break bellow it could strengthen the Yen further down towards next target 75.65. Today are Japan Machinery orders at 23:50 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 calm, MACD is positive and tranquil too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 77.18 78.00 78.87
Technical support levels: 76.51 75.65 74.83
Trading range: 76.90 - 77.55
Trend: Upward
Buy at 77.04 SL 76.74 TP 77.44
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