USD/JPY 90.79

USD/JPY Open 91.36 High 92.89 Low 90.55 Close 91.18

As expected Dollar/Yen made another descending movement yesterday. The currency couple reached a bottom of 90.85 and closed at 91.18. On the one hour chart we can see that after breaking the trend line, the currency couple dropped. Signals remain descending. However, it seems that we have a formed double bottom at 90.79. Break down of the formation will lead to further bearish scenario towards 89.90. On the four hour chart the CCI indicator is in the oversold zone and upwards, assuming potential increasing pressure.

Technical resistance levels: 91.60 92.30 93.65
Technical support levels: 90.40 89.50 88.55

Trading range: 90.90 - 90.25

Trend: Downward

Sell at 90.79 SL 91.09 TP 90.39