USD/JPY 89.99 - 11 November 2009
Due to the oversold CCI indicator Dollar/Yen climbed on Tuesday, as expected, to the 90.16 top, where the bulls weakened and the downtrend took hold of the currency couple, taking it down to the 89.48 bottom, closing the day at 89.81. Today Dollar is gaining strength against the Yen, but we expect to see whether it will be limited with the nearest support at 90.16, and preserve the bearish channel, or make a convincing upward break and undermine the bears' domination. The nearest support is this morning's bottom at 89.30, going bellow which will confirm the intact of the descending trend. However, the CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting ascending pressure.
Technical resistance levels: 90.16 91.20 92.38
Technical support levels: 89.32 88.21 87.04
Sell at 89.99 SL 90.29 TP 89.59
Already made +17 pips profit on USD/JPY today from the following signal:
6:03 GMT+1 Sell USD/JPY at 89.73 SL 90.09 TP 89.23 exited at 6:04 GMT.
Total today +154, yesterday +95, as shown in details at www.zifx.com/performance.php.