In January Dollar/Yen made an attempt to overcome the support in the region of 87.15, but the effort failed. Then the currency couple made a recovery and closed the month virtually unchanged. Last week the currency pair made an adjustment, but still failed to remain under 87.15. The risk of further reduction is still maintained, although the inability of the currency couple to overcome the above support signals for a possible correctional growth. On the weekly chart descending pressure continues to remain strong while the USD/JPY is retained under 92.50. On the daily chart the general decreasing trend remains. In meanwhile the currency couple began a consolidation. Strengthening under the support level 88.80 will signal for the benefit of further reduction. Going back above 91.00 may provoke growth.
Technical resistance levels: 90.05 91.50 92.80
Technical support levels: 88.80 88.00 87.05
Trading range: 89.30 - 88.70
Sell at 89.20 SL 89.50 TP 88.80
Already made +24 pips profit on USD/JPY today from the following signal:
5:49 GMT Sell USD/JPY at 89.67 SL 89.93 TP 89.17 exited at 7:46 GMT.
Total today +160, on Friday +137, as shown at www.zifx.com/performance.php