On Monday Dollar/Yen corrected downwards after the strong rise last Friday. The currency couple dropped insignificantly with around 100 pips, forming secondary descending channel, and closed the day at 97.12. Strong support today appeared to be 96.60, break of which may trigger bigger bearish impulse towards next objective 94.00. Our preferable short term scenario is downwards, especially if the above bottom is broken. Immediate resistance is Friday's peak at 97.60. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting possible downward pressure today.
Technical resistance levels: 97.60 98.95 100.10
Technical support levels: 96.60 95.40 94.00
Trading range: 97.05 - 96.40
Sell at 96.91 SL 97.21 TP 96.51
Already made +10 pips profit on USD/JPY today from the following signal:
5:38 GMT+1 Sell USD/JPY at 96.73 SL 96.99 TP 96.23 exited at 5:44 GMT.
Total today +109, yesterday +113, as shown at www.zifx.com/performance.php