USD/JPY 90.65 - 14 September 2009

USD/JPY Open 90.30 High 91.77 Low 90.21 Close 90.67

Dollar/Yen continued the downward momentum on Friday as expected, reaching the 90.25 bottom, and closing the week at 90.67. On the 1 hour chart descending triangle is formed after the significant downward movement, so be careful for potential bullish correctional movement with possible testing of the 91.85 resistance. Break above this level may trigger further upward impulse towards the psychological 93.00 level. As long as the currency couple remains under that level, our preferably scenario would be downwards. But at the moment our short term expectations are bullish, as shown bellow. The nearest support is today's bottom at 90.20. Break below that level could lead to downward movement continuation towards 89.00. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure accumulation.

Technical resistance levels: 91.85 93.00 94.10

Technical support levels: 90.20 89.00 87.95

Trading range: 90.55 - 91.15

Trend: Upward

Buy at 90.65 SL 90.35 TP 91.05

Already made +13 pips profit on USD/JPY today from the following signal:

5:40 GMT+1 Sell USD/JPY at 90.51 SL 90.77 TP 90.01 exited at 5:52 GMT.

Total today +148, on Friday +138, as shown at www.zifx.com/performance.php

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