USD/JPY 89.95 - 15 October 2009

USD/JPY Open 89.43 High 90.14 Low 88.87 Close 89.41

On Wednesday Dollar/Yen traded hesitantly, forming divergence on the 3 hour chart. The currency couple still shows ability to remain above 89.50. This may indicate that the bullish correctional mode is still not finished. On the 1 hour chart there is a formed upward triangle, and if quotes reach the upper side, we expect some bullish behavior with objectives towards 91.5250. Immediate support is yesterday's bottom at 89.30. Convincing break under that level should work in favour of the bearish scenario. The CCI indicator strongly upwards on the 1 hour chart, suggesting bullish pressure.

Technical resistance levels: 90.15 91.25 92.40

Technical support levels: 88.85 87.75 86.55

Trading range: 89.85 - 90.45

Trend: Upward

Buy at 89.95 SL 89.65 TP 90.35

Already made +12 pips profit on USD/JPY today from the following signal:

5:36 GMT+1 Sell USD/JPY at 89.45 SL 89.71 TP 88.95 exited at 7:14 GMT.

Total today +101, yesterday +88, as shown at www.zifx.com/performance.php

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