USD/JPY 90.68 - 19 January

USD/JPY Open 91.18 High 91.27 Low 90.08 Close 90.69

Last week Dollar/Yen found support at levels around 88.50. On the daily chart you will notice four candles reaching down to that level. Then on Friday the rates increased, which is a normal reaction in such a market picture with triple bottom. Potential in the upward direction seems serious. The initial goal is towards 92.70, which is 23.5% Fibonacci correction, followed by 94.00. The currency couple is seriously affected by the dynamics of the stock market. Therefore, to trade this pair is good to see what happens on stock markets. Immediate support levels are represented by the levels 89.60, followed by the current bottom 87.80. Short term resistance is today's top at 91.25.

Technical resistance levels: 91.25 92.20 93.50

Technical support levels: 89.60 87.80 86.45

Trading range: 90.80 - 90.15

Trend: Downward

Sell at 90.68 SL 90.98 TP 90.28

Already made +14 pips profit on USD/JPY today from the following signal:

5:45 GMT Buy USD/JPY at 90.77 SL 90.51 TP 91.27 exited at 6:05 GMT.

Total today +127, on Friday +152, as shown at