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USD/JPY Extends Losses To Fresh 17 Month Low On Fed Caution

USD/JPY Extends Losses To Fresh 17 Month Low On Fed Caution

USD/JPY Open 109.68 High 110.64 Low 108.07 Close 109.73

On Wednesday USD/JPY decreased with 115 pips. The currency couple depreciated from 110.64 to 109.47 yesterday, matching the negative money flow sentiment at under -8%, closing the day at 109.73. This morning the dollar descended further against the yen, reaching 108.07.

On the 1 hour chart the downward channel is accelerating, while on the 3 hour chart the downward channel has resumed. Break above yesterday’s top and nearest resistance 110.64 would encourage further recovery of the dollar. Immediate support is today’s bottom at 108.07, and consistent break below it could strengthen the yen further down towards next target 107.15.

Quotes are moving way below the widened and parallel 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.

Technical resistance levels: 110.64 111.56 112.40 Technical support levels: 108.07 107.15 106.30

Today +50 pips were gained on USD/JPY from the following signal: 5:30 GMT+1 Sell USD/JPY at 109.22 SL 109.48 TP 108.72, TP reached at 8:02 GMT+1. Total today +184. Have a great day!

USD/JPY Hour Chart

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