USD/JPY: Remains Weak After Strong German IFO Survey

USD/JPY Open 119.75 High 119.98 Low 119.28 Close 119.71 On Tuesday dollar/yen increased with 70 pips. The currency couple appreciated from 119.28 to 119.98 yesterday, not matching the negative money flow sentiment at around -5%, closing the day at 119.71. This morning the dollar is trading quietly against the yen, with movements at the lower half of yesterday’s range for now. On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is vanishing. Break above yesterday’s top and nearest resistance 119.98 would encourage further recovery of the dollar. Immediate support is yesterday’s bottom at 119.28, and consistent break below it could strengthen the yen further down towards next target 118.40. Quotes are moving below the parallel 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals. Technical resistance levels: 119.98 120.86 121.70 Technical support levels: 119.28 118.40 117.57 Today so far +15 pips on USD/JPY today from the following signal: 5:30 GMT Up USD/JPY at 119.61 Limit 119.35 Target 120.11, exit given at 6:55 GMT. Today so far +157, yesterday +179, as shown at our web site. Have a great day!

USD/JPY 1 Hour Chart

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