USD/JPY 94.10 - 23 February

USD/JPY Open 93.45 High 94.90 Low 92.77 Close 93.29

In February the Dollar/Yen recovered on the background of extremely negative Japanese economy data and 2 failures of bringing the currency couple under 87.50. Last week USD/JPY sharply rose and overcame the 92.50 resistance, and for second week of closing above this level may signal for further growth. On the weekly chart the currency pair remains within the downward trend, but has formed a bottom. On the daily chart double bottom may be formed, in case there is stabilizing above 94.50. Strengthening under the 92.60 support level will signal for further reduction. Going above 95.00 may provoke growth

Technical resistance levels: 94.90 95.85 97.00
Technical support levels: 92.60 91.75 90.50

Trading range: 94.30 - 94.95
Trend: Upward
Buy at 94.41 SL 94.11 TP 94.81

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