On Tuesday Dollar/Yen made a significant movements in both directions. On the daily chart we can see that the currency couple is in a consolidation phase. On the one hour chart after the sharp decline the USD/JPY has formed a rectangle between 89.93 and 88.79, which confirms that the pair is in a consolidation phase. However, the short term scenario should remain decreasing. We can still expect break down of the rectangle with targets towards the region of 88.10. The CCI indicator is in the neutral zone on two charts - four and one hour.
Technical resistance levels: 89.55 90.30 91.60
Technical support levels: 88.80 88.00 87.15
Trading range: 89.70 - 89.05
Sell at 89.56 SL 89.86 TP 89.16
Already made +17 pips profit on USD/JPY today from the following signal:
5:48 GMT Sell USD/JPY at 89.77 SL 90.03 TP 89.27 exited at 6:40 GMT.
Total today +102, yesterday +155, as shown at www.zifx.com/performance.php