USD/JPY 88.18 - 10 December 2009

USD/JPY Open 88.06 High 88.67 Low 87.36 Close 87.89

Dollar/Yen made a significant bearish movement on Wednesday. On the 3 hour chart the currency pair broke down the 87.40 support level, was limited by the 87.36 bottom, and is now correcting upwards toward the key 88.67 resistance, the break of which may be a serious threat to the bearish outlooks. Short term signals are expected to remain increasing, so be prepared for possible further upward corrections. Let us remind that the Japanese government wants a weaker Yen, which could fundamentally limit the bearish momentum. Immediate support is 87.36. Break bellow this level may trigger stronger decreasing impulse. Penetration of the first resistance at 88.67 might cause further strengthening of the Dollar towards 89.15. The CCI indicator is leaning upwards on the 1 hour chart, suggesting insignificant bullish pressure.
Technical resistance levels: 88.67 89.15 90.09
Technical support levels: 87.36 86.60 85.81

Trading range: 88.05 - 87.70
Trend: Upward
Buy at 88.18 SL 87.88 TP 88.58

Already made +23 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 87.96 SL 88.22 TP 87.46 exited at 5:57 GMT.
Total today +132, yesterday +181, as shown in details at