USD/JPY Technical Analysis 3 December 2008

03 December 2008 @ 06:19 am EDT

USD/JPY 93.07 - 3 December

USD/JPY Open 93.14 High 93.68 Low 92.66 Close 93.16

Dollar/Yen didn't move significantly yesterday. The currency couple formed a descending triangle, which is visible on the daily and four hour charts, showing that the couple is in a consolidation phase with descending signals. Key support level is 92.55. Break at this level may cause further decreasing momentum towards 91.50. However the CCI indicator is in the oversold zone again and up to the daily chart, so be careful for a rising pressure leading the USD/JPY to testing of the resistance levels of 93.65 and 94.55.

Technical resistance levels: 93.65 94.55 95.30

Technical support levels: 92.55 91.50 90.40

Trading range: 93.20 - 92.55

Trend: Downward

Sell at 93.07 SL 93.37 TP 92.67

Already made +6 pips profit on USD/JPY today from the following signal:

5:52 GMT Sell USD/JPY at 93.20 SL 93.46 TP 92.70 exited at 6:49 GMT.

Total today +130, yesterday +152, as shown at www.zifx.com/performance.php

For more forex information, go to www.iForex.bg

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