USD/JPY 89.61 - 16 February 2010

USD/JPY Open 90.04 High 90.33 Low 89.59 Close 89.99

Dollar/Yen started this week with downward incline, as seen on the 15 minute chart, closing on Monday at 89.99. Currently quotes are testing the lower limit of the small bullish channel, formed on the 1 hour chart, at around 89.72. As Japanese economic is getting stronger and may replace China from the second place, we expect Yen to continue advancing in the long term. Going bellow 89.00 should confirm the integrity of the bearish channel on the 3 hour chart. Immediate support is Friday's bottom at 89.59. The nearest resistance is Friday's top at 90.33. Prices are currently just bellow the 20 and 50 EMA, signaling for possible intraday depreciative movement, which is not expected to interrupt the continuation of the main bearish trend in the longer term. The RSI and CCI indicators are positive but in the overbought zone, while MACD is negative and leaning upwards, giving, overall bearish signals.
Technical resistance levels: 90.35 91.15 91.80
Technical support levels: 89.59 88.40 87.52

Already made +6 pips profit on USD/JPY today from the following signal:
5:35 Sell USD/JPY at 89.87 SL 90.13 TP 89.37 exit sent 5:37 GMT.
Total today +73, yesterday +126, as shown in details at www.zifx.com/performance.php.

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