USD/JPY Technical Analysis 12 November 2009

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USD/JPY 89.82 - 12 November 2009
USD/JPY Open 89.90 High 90.02 Low 89.32 Close 89.87

Dollar/Yen traded with volatility on Wednesday. On a 3 hour chart there was intense battle around 89.32 support level, and bears seem to be fighting better for now as quotes are able to remain bellow the 92.25 resistance. Our preferable scenario is decreasing, but any upward jump is a possibility till the above support is not convincingly broken downwards. A consistent movement under 89.32 may strengthen the Yen further towards next objective 88.21. The nearest resistance is still at 90.20. However, the CCI indicator is about to cross up the 100 line on the 1 hour chart, so be careful for any possible ascending movements.
Technical resistance levels: 90.02 91.17 92.34
Technical support levels: 89.32 88.21 87.04

Trading range: 89.95 - 89.30
Trend: Downward
Sell at 89.82 SL 90.12 TP 89.42

Already made +19 pips profit on USD/JPY today from the following signal:
5:37 GMT+1 Sell USD/JPY at 89.82 SL 90.08 TP 89.32 exited at 7:51 GMT.
Total today +103, yesterday +154, as shown in details at www.zifx.com/performance.php.

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