USD/JPY 89.35 - 1 March 2010
After a week of depreciation, Dollar/Yen started this week with upward correction, which is expected to run out of steam somewhere around Friday's top, from where the main downtrend on the 3 hour chart should continue, especially if we see convincing break bellow the nearest support 88.75. As the above support is a double bottom from Friday and this morning, it played a bouncing level role, causing this morning's adjustment. Today at 23.30 GMT are the unemployment and household spending data. First resistance is yesterday's peak at 89.44, the break up of which may strengthen the bulls further towards 91.27. Quotes are currently above the 50 and 20 EMA, indicating ascending pressure. The RSI indicator is in the oversold zone and declining, while MACD and CCI are positive and inclining upwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 89.44 90.30 91.27
Technical support levels: 88.75 88.06 87.34
Already made +29 pips profit on USD/JPY today from the following signal:
5:59 Sell USD/JPY at 89.08 SL 88.82 TP 89.58 exit sent 8:11 GMT.
Total today +149, on Friday +111, as shown in details at www.zifx.com/performance.php.