Technical Analysis Daily

USD/JPY 96.39 - 18 November

USD/JPY Open 96.41 High 97.60 Low 95.95 Close 97.02

Yesterday Dollar/Yen made an indecisive motion as the currency couple opened and closed the day at almost the same price - 96.27 and 96.26. On the one hour chart we have a formed triangle, and the price seems to be consolidating. Our trading model for today remains mixed with descending signals in the long term. The nearest support is seen at 96.15, the break of which may lead to new bearish momentum. Immediate resistance is 97.20. Break upwards that level may cause a further upward adjustment. RSI indicator shows that the currency pair is in the overbought zone, which is a signal for further reduction today.

Technical resistance levels: 97.20 98.75 99.60
Technical support levels: 96.15 95.25 94.40

Trading range: 96.50 - 95.85
Trend: Downward
Sell at 96.39 SL 96.69 TP 95.99

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