USD/JPY In Narrow Range Ahead Of FOMC

USD/JPY In Narrow Range Ahead Of FOMC

USD/JPY Open 90.43 High 91.26 Low 90.39 Close 90.80

On Monday Dollar/Yen decreased with almost 85 pips. The currency couple depreciated from 91.26 to 90.39 yesterday, not matching the positive money flow sentiment at around +16%, closing the day at 90.80. This morning the Dollar is trading quietly against the Yen, with movements at the lower end of yesterday's range for now.

On the 1 hour chart the upward channel has resumed, while on the 3 hour chart the upward channel is intact. Break above yesterday's top and nearest resistance 91.26 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 90.39, and consistent break bellow it could strengthen the Yen further down towards next target 89.50.

Today is Japan Retail sales, at 23:50 GMT.

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 calm, MACD is positive and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 91.26 92.15 93.00
Technical support levels: 90.39 89.50 88.68