USD/JPY 91.46 - 18 September 2009
Dollar/Yen traded hesitantly on Thursday, first dropping down to the 90.53 bottom, than rising to the 91.57 top. However, on the 1 hour chart the downward channel was broken upwards, and quotes formed a new ascending channel, indicate initial bullish correction with targets towards the important resistance and yesterday's top 91.60. But if the currency couple gets back within the downward channel, our preferable scenario would be bearish. Immediate support is 90.55, the break of which may trigger stronger downward pressure with possible test of the key 89.40 support level. The CCI indicator is in the overbought zone on the 1 hour chart, suggesting downward pressure, needed to be released.
Technical resistance levels: 91.60 92.70 93.70
Technical support levels: 90.55 89.40 88.45
5:37 GMT+1 Buy USD/JPY at 91.20 SL 90.94 TP 91.70 exited at 8:37 GMT.
Total today +136, yesterday +154, as shown at www.zifx.com/performance.php
Sell at 91.46 SL 91.76 TP 91.06