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Dollar sticks to recent ranges ahead of the U.S. Thanksgiving holiday

the dollar edged lower against the yen today but mostly stuck to recent ranges ahead of the U.S. Thanksgiving holiday, while the Australian dollar wallowed near four-year lows against the greenback. The dollar bought 117.85, down about 0.1 percent on the day and below its seven-year high of 118.98 last week. On technical basis, the USD/JPY is still in a sideways trend on 4-hour chart. If the pair manages to break up the area between 118.28yen &118.97 yen, it will face next resistance at 119.83 yen and the main resistance stands at 120.73 yen. The recent price bottom found support at the lower boundary of the Bollinger Bands which confirms the price strength. The RSI indicator failed to touch its oversold area which signals more gains. The CCI indicator begins to rise from low level which is also a sign of strength. On the downside, first support lies at the area between 117.58yen &117.34yen, second support is 116 .33yen and the main support lies at the area between 115.44yen & 114.63yen.

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Amana Capital Group is a Financial Services Group specialized in providing brokerage services in international financial markets namely currencies, commodities, and stock indices. The Group operates several entities regulated and authorized by reputable regulatory bodies.

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