Technical Analysis Daily: USD/JPY

USD/JPY 95.95

USD/JPY Open 95.95 High 96.87 Low 95.71 Close 95.92

Dollar/Yen made a downward movement on Thursday. The currency couple made a peak at 96.87, than dropped to 95.76 bottom, closing the day at 95.92. On the 1 hour chart is seen that the currency couple moves around a trend line from the end of last month, indicating an intense battle between bulls and bears, without clear direction yet. Our preferable scenario for now is descending, as the medium term trend is bearish. Signals are downwards with objectives towards 95.40. The CCI indicator has crossed up the 100 line on the 1 hour chart, so be careful for potential upwards pressure with possible test of the 96.50 resistance level. Break above this level may lead the USD/JPY into further bullish perspectives.

Technical resistance levels: 96.50 97.80 99.00
Technical support levels: 95.70 94.60 93.25

Trading range: 96.05 - 95.45

Trend: Downward

Sell at 95.95 SL 96.25 TP 95.55

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