USD/JPY 89.98 - 17 November 2009

USD/JPY Open 89.01 High 89.70 Low 88.77 Close 89.04

On Monday Dollar/Yen continued its downward movement, reaching depths of 88.77, closing the day at 89.04. Signals are expected to continue the decreasing momentum with technical objectives towards yesterday's bottom 88.75. However we need a convincing break bellow the 88.75 support to confirm further bearish outlook, as the support is potential bears' obstacle on the 3 hour chart. Immediate resistance is yesterday's top at 89.70. Break above that level may shake bears domination and lead to direction turn. The CCI indicator is neutral on the 1 hour chart, suggesting calm market.
Technical resistance levels: 89.70 90.90 93.00
Technical support levels: 88.75 87.55 86.40

Trading range: 89.25 - 88.60
Trend: Downward
Sell at 89.14 SL 89.44 TP 88.74

Already made +34 pips profit on USD/JPY today from the following signal:
5:42 GMT+1 Sell USD/JPY at 89.07 SL 89.33 TP 88.57 exited at 8:26 GMT.
Total today +116, yesterday +126, as shown in details at www.zifx.com/performance.php.

/