USD/JPY Technical Analysis 26 November 2008

26 November 2008 @ 06:15 am EDT

USD/JPY 95.23 - 26 November

USD/JPY Open 95.45 High 97.37 Low 94.72 Close 95.91

After its upward adjustment on Friday and Monday, Dollar/Yen continued its descending scenario yesterday, which suggests that the short term top is formed on the four hour chart. The currency pair reached the bottom of 94.93 yesterday and closed the day of 95.22. Our model remains mixed for now, with descending signals. Immediate support is seen at 94.45. It is possible to see further decline towards testing of 93.50 in the next few days, and a break below that level will provoke dropping to the bottom from 21 October 90.93. First resistance is 95.55, followed by the key level 97.44, strengthening above which will give signals that the down trend is over and increase towards the region of 100 can be expected. The CCI indicator is in neutral zone and downwards on the four hour chart.

Technical resistance levels: 95.55 97.44 98.85

Technical support levels: 94.45 93.50 92.40

Trading range: 95.35 - 94.70

Trend: Downward

Sell at 95.23 SL 95.53 TP 94.83

Already made +32 pips profit on USD/JPY today from the following signal:

5:51 GMT Sell USD/JPY at 95.16 SL 95.42 TP 94.66 exited at 6:42 GMT.

Total today +165, yesterday +95, as shown at www.zifx.com/performance.php