USD/JPY 89.74 - 10 February 2010

USD/JPY Open 89.77 High 90.01 Low 89.18 Close 89.68

Dollar/Yen is moving still within the well formed downward channel on the daily chart, while this week on the 15 minute chart the currency pay has formed a new small upward channel, reaching new resistance level at 90.01 this morning. Persuasive break above that level may lead to direction change and give further advantage to the bulls, towards next objective 90.77. Immediate support is Tuesday's bottom at 89.18. Break bellow that level would confirm the continuation of the bearish perspective, and may give the bears further strength towards 88.30. Prices are currently under the 20 and above the 50 EMA, signaling for possible intraday appreciative adjustment, which is not expected to interrupt the continuation of the main bearish trend in the longer term. The RSI indicator is declining, MACD is neutral and leaning downwards, while CCI is neutral on the 1 hour chart. Overall, indicators give mixed signals with little advantage to the bears.
Technical resistance levels: 90.01 90.77 91.80
Technical support levels: 89.18 88.30 87.39

Already made +7 pips profit on USD/JPY today from the following signal:
5:31 Sell USD/JPY at 89.59 SL 89.85 TP 89.09 exit sent 5:37 GMT.
Total today +92, yesterday +106, as shown in details at www.zifx.com/performance.php.

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