USD/JPY

On Thursday Dollar/Yen resumed increasing with 60 pips. The currency couple appreciated from 78.35 to 78.96 yesterday, not matching the negative Interbank sentiment at almost -14%, closing the day at 78.89. This morning the Dollar climbed further against the Yen, reaching 79.18. On the 1 hour chart the upward channel looks good, while on the 3 hour new upward channel has formed. Break above today’s top and nearest resistance 79.18 would encourage further recovery of the Dollar. Immediate support is yesterday’s bottom at 78.35, and consistent break bellow it could strengthen the Yen further down towards next target 77.50. There are no major economic events for Japan today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 79.18 80.00 80.89
Technical support levels: 78.35 77.50 76.62

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