USD/JPY 89.11 - 19 November 2009

USD/JPY Open 89.39 High 89.48 Low 88.83 Close 89.28

On Wednesday Dollar/Yen failed to make convincing break bellow 88.80, and went up to 89.48, closing the day at 89.28. Today the downward movement was renewed, and our expectations are for the bearish trend to continue for now. Convincing break bellow Tuesday's bottom 88.80 may strengthen the Yen further and lead it towards next target 87.55 against the Dollar, followed by possible test of 86.40. Only significant break above the 89.50 resistance can be considered as a potential threat to the bearish scenario and lead the currency pair towards next challenge upwards 90.50. 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: 88.80 87.55 86.40

Trading range: 89.25 - 88.60
Trend: Downward
Sell at 89.11 SL 89.41 TP 88.71

Already made +31 pips profit on USD/JPY today from the following signal:
5:35 GMT+1 Sell USD/JPY at 89.14 SL 89.40 TP 88.64 exited at 8:03 GMT.
Total today +192, yesterday +126, as shown in details at www.zifx.com/performance.php.

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