Last week Dollar/Yen abruptly corrected downwards, after testing the resistance 92.25, but closed the week virtually unchanged. On the weekly chart the currency couple consolidated, but downward pressure on the USD/JPY continues to remain strong, while the pair remains under 92.25. On the daily chart there is a risk of double bottom being formed, but the risk of resuming the downward trend will be maintained till USD/JPY is under 92.30. On the 4 hour chart we have valid ascending channel, but further bullish scenario is limited by the upper trend line. This limited ascending scenario is supported by an overbought and downwards CCI, which indicates potential decreasing pressure. Strengthening under the 90.60 support will signal for the benefit of further reduction. Retention above 92.25 may provoke growth.
Technical resistance levels: 92.25 93.05 94.25
Technical support levels: 90.55 89.30 88.00
Trading range: 92.00 - 91.40
Sell at 91.90 SL 92.20 TP 91.50
Already made +10 pips profit on USD/JPY today from the following signal:
5:49 GMT Buy USD/JPY at 91.72 SL 91.46 TP 92.22 exited at 6:00 GMT.
Total today +152, on Friday +106, as shown at www.zifx.com/performance.php