Quiet Week For USD/JPY

On Thursday Dollar/Yen increased insignificantly with 40 pips. The currency couple appreciated from 79.60 to 80.02 yesterday, not matching the negative money flow sentiment at around -7%, closing the day at 79.90. This morning the Dollar is trading quietly against the Yen, moving at the upper end of yesterday's range for now.

On the 1 hour chart the downward channel has lowered its angle, while on the 3 hour chart the downward channel looks good. Break above yesterday's top and nearest resistance 80.02 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.60, and consistent break bellow it could strengthen the Yen further down towards next target 78.74.

There are no major economic events for Japan today.

Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 80.02 80.88 81.73

Technical support levels: 79.60 78.74 77.90

Today so far +12 pips profit on USD/JPY today from the following sent to clients only signal:

5:17 GMT+1 Sell USD/JPY at 79.85 SL 80.11 TP 79.35, exit sent at 7:51 GMT+1.

Today so far +81, yesterday +84, as shown in details at http://www.zifx.com/performance-past.php.