USD/JPY Down Ahead Of BoJ Decision Tomorrow

USD/JPY Down Ahead Of BoJ Decision Tomorrow

USD/JPY Open 90.14 High 90.25 Low 89.33 Close 90.07

On Friday Dollar/Yen traded within narrow 60 pip range. The currency couple appreciated from 89.62 to 90.22 on Friday, matching the positive money flow sentiment at bellow +21%, closing the week at 90.07. This morning the Dollar descended against the Yen, dropping from 90.25 to 89.33.

On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel is intact. Break above today's top and nearest resistance 90.22 would encourage further recovery of the Dollar. Immediate support is today's bottom at 89.33, and consistent break bellow it could strengthen the Yen further down towards next target 88.45.

There are no major economic events for Japan today.

Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 90.25 91.10 90.92
Technical support levels: 89.33 88.45 87.60