USD/JPY Technical Analysis 17 February 2010

 @ibtimes
on February 17 2010 5:45 AM

USD/JPY 90.36 - 17 February 2010
USD/JPY Open 90.26 High 90.63 Low 89.72 Close 90.13

Dollar/Yen rose on Tuesday from the 89.72 bottom, testing the upper limit of the downward channel at 90.63, as seen on the 3 hour chart, closing on Monday at 90.13. Yen is expected to continue advancing in the long term, as Japan may replace China from the second place of the world strongest economy. Convincing break bellow yesterday's bottom and first support at 89.73 should confirm the continuation of the decreasing channel on the 3 hour chart. However, on the 1 hour chart we have a very well formed bullish channel, staring 4 February. The nearest resistance is today's top at 90.63. Upward penetration of that level may seriously shake the downward perspectives. Quotes are currently way above the 20 and 50 EMA, signaling for intraday ascending impulse, which is not expected to interrupt the continuation of the main bearish trend in the longer term. The RSI is in the overbought zone and declining, while MACD and CCI indicators are positive and calm, giving, overall bullish signals.Technical resistance levels: 90.35 91.15 91.80Technical support levels: 89.59 88.40 87.52

Trading range: 90.25 - 90.90Trend: UpwardBuy at 90.36 SL 90.06 TP 90.76

Already made +17 pips profit on USD/JPY today from the following signal:5:32 Sell USD/JPY at 90.33 SL 90.59 TP 89.83 exit sent 7:26 GMT.Total today +78, yesterday +73, as shown in details at www.zifx.com/performance.php.

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