Violation of established ascending wedge formation of the Dollar/Yen, which we showed yesterday, gave us a valid descending scenario so far. On Wednesday the currency couple reached a bottom at 99.32, and closed on 99.75. Signals are bearish in the short term, with targets towards the region of 99.00. The CCI indicator is in the oversold area and upwards on the 1 hour chart, so be careful for potentially ascending pressure with test of the resistance level at 100.40.
Technical resistance levels: 100.40 101.40 103.55
Technical support levels: 99.30 98.00 96.85
Trading range: 100.30 - 99.70
Sell at 100.20 SL 100.50 TP 99.80
Already made +17 pips profit on USD/JPY today from the following signal:
5:45 GMT+1 Sell USD/JPY at 100.07 SL 100.33 TP 99.57 exited at 6:14 GMT.
Total today +149, yesterday +186, as shown at www.zifx.com/performance.php