USD/JPY 91.01 - 18 January 2010
Dollar/Yen traded hesitantly and within the narrow 90.64 - 91.33 range on Friday, closing the week at 90.72. The nearest support at 90.64 is still holding the bearish attacks, but if broken, we may see stronger Dollar, despite positive comments by Shirakawa that Japan's economy is developing at a good pace. If bears prove stronger at this stage, we may see break of the lower limit of the ascending channel on the 3 hour chart, which may seriously shake the bullish outlooks. If the currency couple, however, recovers to the upper limit of the bullish channel at 93.40, the ascending movement in the medium term is expected to continue. Currently quotes remains between the two moving averages, but their ascending slope may still give long signals. RSI and CCI indicators are neutral and leaning downwards, suggesting insignificant downward pressure, while MACD is positive.
Technical resistance levels: 91.33 92.03 92.82
Technical support levels: 90.64 89.80 89.02
Already made +29 pips profit on USD/JPY today from the following signal:
7:10 Buy USD/JPY at 91.15 SL 90.89 TP 91.65 exit sent at 8:28 GMT.
Total today +126, on Friday +146, as shown in details at www.zifx.com/performance.php.