Richard Perry
Independent Analyst
The signs are that after the sharp spike lower of Wednesday, Dollar/Yen is beginning to settle down. Despite this though, there was a daily traded range just shy of 100 pips, However with support looking to build now at 105.50, above the spike low at 105.18, we can begin to assess the damage. The initial resistance at 106.50 is just holding back a rebound in the very near term, whilst the barrier of a falling 89 hour moving average comes in around 106.60. On the daily chart I have been interested in the bull cross on the Stochastics, but we are still waiting for the confirmation move back above 20. Furthermore, the MACD lines continue to decline, although the RSI is also beginning to show signs of medium term improvement. I am still waiting for the medium term buy signal therefore, but with the pair beginning to settle the signs of improvement are there.
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