USD/JPY 95.50 - 14 May

USD/JPY Open 95.38 High 96.68 Low 95.15 Close 95.30

Yesterday Dollar/Yen continued its downward movement too. On the daily chart we have a head and shoulders formation, which was broken downwards. That technically is a prerequisite for further bearish outlook. Signals remain descending in the near future, with targets towards the first support at 95.10. The CCI indicator is in the oversold area and about to cross up the 100 line on the 1 hour chart, so be careful for a potential rebound in ascending mode, with testing of the short term resistance 96.35.

Technical resistance levels: 96.35 97.80 98.80

Technical support levels: 95.10 96.00 94.85

Trading range: 95.60 - 95.00

Trend: Downward

Sell at 95.50 SL 95.80 TP 95.10

Already made +35 pips profit on USD/JPY today from the following signal:

5:46 GMT+1 Buy USD/JPY at 96.65 SL 96.39 TP 97.15 exited at 8:40 GMT.

Total today +113, yesterday +119, as shown at www.zifx.com/performance.php