Dollar/Yen made a descending movement on Tuesday. The currency couple reached a bottom at 97.12 and closed the day at 97.34. From bigger perspective, on the 4 hour chart can be seen that USD/JPY is still trading in a formed triangle, indicating consolidation phase. However, signals are still descending with targets towards 97.10, followed by 96.00. The nearest resistance is yesterday's top 98.40. If that level is penetrated upwards, further increasing may lead the pair upwards. The CCI indicator is about to cross down the 100 line on the 4 hour chart, indicating potential descending pressure.
Technical resistance levels: 98.40 99.60 101.00
Technical support levels: 97.10 96.00 95.85
Trading range: 98.25 - 97.60
Sell at 98.12 SL 98.42 TP 97.72
Already made +13 pips profit on USD/JPY today from the following signal:
5:42 GMT+1 Sell USD/JPY at 97.64 SL 97.90 TP 97.14 exited at 6:55 GMT.
Total today +151, yesterday +49, as shown at www.zifx.com/performance.php