The Yen created a model head and shoulders on the 4 hour chart. After this signal rates lowered by 200 pips. This was determined by the weakness on the stock markets. Technical indicators are in the oversold zone, which is an indication for a potential upward correction towards the neck line of around 96.50. Immediate support level is 94.50, followed by 93.00. Short term resistance is represented by the 96.75 level, followed by 97.70.
Technical resistance levels: 96.75 97.70 98.80
Technical support levels: 94.50 93.00 91.85
Trading range: 96.45 - 95.85
Sell at 96.35 SL 96.75 TP 95.95
Already made +8 pips profit on USD/JPY today from the following signal:
5:49 GMT Sell USD/JPY at 96.36 SL 96.62 TP 95.86 exited at 6:28 GMT.
Total today +168, yesterday +173, as shown at www.zifx.com/performance.php