USD/JPY 89.16 - 18 November 2009

USD/JPY Open 89.25 High 89.50 Low 88.77 Close 89.23

After breaking down the 89.40 support level, Dollar/Yen continued its bearish movement on Tuesday, reaching a bottom at 88.77 and closing the day at 89.23. Our expectations are for neutral trading in the middle term but still downward in the short term, with possible further descending pressure towards 87.55. However, only convincing break below the 88.75 would confirm the continuation of the bears domination. The nearest resistance is yesterday's top at 89.50. Break above this zone may lead to distorting of the bearish outlook and strengthening of the Dollar. The CCI indicator is negative on the 1 hour chart, suggesting bearish perspectives.
Technical resistance levels: 89.50 90.65 91.78
Technical support levels: 88.75 87.55 86.40

Trading range: 89.30 - 88.65
Trend: Downward
Sell at 89.16 SL 89.46 TP 88.76

Already made +9 pips profit on USD/JPY today from the following signal:
5:35 GMT+1 Sell USD/JPY at 89.15 SL 89.41 TP 88.65 exited at 8:14 GMT.
Total today +134, yesterday +126, as shown in details at www.zifx.com/performance.php.

/