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Daily Forex Technicals |
Written by ZIFX.com |
Feb 22 12 10:46 GMT
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USD/JPY Renews Uptrend Above 80
USD/JPY Open 79.81 High 80.29 Low 79.55 Close 79.72
On Tuesday Dollar/Yen increased insignificantly with 30 pips. The currency couple appreciated from 79.55 to 79.87 yesterday, not matching the very negative Interbank sentiment at bellow -62%, closing the day at 79.72. This morning the Dollar resumed rising against the Yen, climbing to 80.29. On the 1 hour chart the upward channel looks good, while on the 3 hour the new upward channel is intact. Break above today's top and nearest resistance 80.08 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.55, and consistent break bellow it could strengthen the Yen further down towards next target 78.70. There are no major economic events for Japan today. 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 crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 80.29 81.13 82.00
Technical support levels: 79.55 78.70 77.86
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