USD/JPY 88.91 - 14 July 2010

USD/JPY Open 88.82 High 89.10 Low 88.02 Close 88.67

After the descent during the European session, on Tuesday afternoon Dollar/Yen increased, covering all earlier losses and more, not matching the positive Interbank sentiment at nearly -5%. The currency couple appreciated from 88.02 to 88.84 yesterday, closing the day at 88.67. This morning rising extended up to 89.10. On the 1 and 3 hour charts there no more downward channels. Break above this morning's top and nearest resistance 89.10 would support further recovery of the Dollar. Immediate support is yesterday's bottom at 88.02, and consistent break bellow it could strengthen the Yen further down towards next target 87.15. There are no major economic events for Japan today. Quotes are just crossing down now the 20 and 50 EMA on the 1 hour chart, indicating bearish impulse. The value of the RSI indicator is positive and declining, MACD is positive and consolidating, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall short signals.Technical resistance levels: 89.10 90.00 90.83Technical support levels: 88.02 87.15 86.00

Trading range: 88.95 - 88.35Trend: DownwardSell at 88.85 SL 89.15 TP 88.45

Already made +3 pips profit on USD/JPY today from the following signal:5:32 GMT+1 Buy USD/JPY at 88.99 SL 88.73 TP 89.49 exit at 6:07 GMT+1.Total today +67, yesterday +178, as shown in details at http://www.zifx.com/performance.php.