Technical Analysis Daily: USD/JPY

USD/JPY 93.40

USD/JPY Open 93.00 High 93.32 Low 91.82 Close 92.01

Dollar/Yen tried to decrease on Monday, but the 91.79 level held as a key support and limited the downward movement. The currency couple than rose sharply to 93.13, closing the day at 92.01. Any upward movement, as long as the pair remains under 94.50 should be considered as a correction. However, a hammer formation on the 4 hour chart indicates further bullish adjustment with possible test of 93.50. Break above this level may trigger a further upward correction towards next target 94.55. The CCI indicator is in the neutral zone of the 1 hour chart, suggesting calm trading.

Technical resistance levels: 92.90 94.00 95.35
Technical support levels: 91.70 90.60 89.45

Trading range: 93.40 - 92.75

Trend: Downward

Sell at 93.26 SL 93.56 TP 92.86

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