USD/JPY Technical Analysis 13 January 2010

Dollar/Yen continued the downward movement on Tuesday, reaching the lower limit of the ascending channel at 90.75 on the 3 hour chart. On the 15 minutes chart, however, smaller downward channel is shaping. If we see stronger descending impulse bellow the nearest support and yesterday's bottom at 90.74, we expect the bearish trend to continue, with objectives towards 89.82. Today, however, signals are neutral so far. Immediate resistance is represented by yesterday's top at 92.43. Break above it may lead to returning into the bigger upward channel. RSI, MACD and CCI indicators are all positive on the 1 hour chart, suggesting bullish pressure.Technical resistance levels: 92.43 93.32 94.40Technical support levels: 90.74 89.82 88.91

Trading range: 91.05 - 91.70Trend: UpwardBuy at 91.18 SL 90.88 TP 91.58

Already made +9 pips profit on USD/JPY today from the following signal:5:34 Sell USD/JPY at 91.08 SL 91.34 TP 90.58 exit sent at 6:11 GMT.Total today +121, yesterday +66, as shown in details at www.zifx.com/performance.php.