Technical Analysis Daily

USD/JPY 98.27 - 31 March

USD/JPY Open 97.42 High 98.49 Low 95.96 Close 97.25

Dollar/Yen fell sharply on Monday, reaching a bottom of 95.96, but closed the day higher at 97.25, after rejection of further decreasing scenario. Despite the decline, yesterday's bottom should now become switch to the spring increase with objectives towards 101.00 - 102.50. On the 4 hour chart there is a flag formation, suggesting a potential ascending scenario. The nearest support is 96.60. At the same time the CCI indicator crossed up the 100 line, confirming signals for bullish movement. Breaking up the flag may cause increasing momentum towards the region of 99.00.

Technical resistance levels: 97.40 98.80 100.00
Technical support levels: 96.60 94.75 93.45

Trading range: 98.15 - 98.70
Trend: Neutral
Buy at 98.27 SL 97.97 TP 98.57

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