USD/JPY Technical Analysis 14 May 2010

Dollar/Yen increased slightly on Thursday, than resumed descending, in line the Interbank sentiment at nearly -32%. Yesterday the currency couple depreciated from 93.55 to 92.59, closing the day at 92.73. Today the currency couple is trading hesitantly and without direction so far. Break above the nearest 93.55 resistance and yesterday's top would support further recovery of the Dollar. Immediate support is today's bottom at 92.51, and consistent break bellow it could strengthen the Yen further towards next target 91.55. There are no major economic events for Japan today. Quotes are moving about in line the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and declining, MACD is neutral and tranquil, while CCI is negative and dropping on the 1 hour chart, giving overall short signals.Technical resistance levels: 93.55 94.92 96.00Technical support levels: 92.51 91.55 90.11

Trading range: 92.65 - 92.00Trend: DownwardSell at 92.54 SL 92.84 TP 92.14

Already made +35 pips profit on USD/JPY today from the following signal:5:34 GMT+1 Sell USD/JPY at 92.93 SL 93.19 TP 92.43 exit at 9:11 GMT+1.Total today +172, yesterday +139, as shown in details at http://www.zifx.com/performance.php.