USD/JPY Technical Analysis 2 February 2010

Dollar/Yen climbed on Monday from 89.78 to 90.91, closing the day at 90.61. On the 1 hour chart we see a wide downward channel, and smaller upward channel from 27 January. Quotes are currently between the 20 and 50 EMA, giving mixed picture. We would therefore expect only a convincing break above the nearest 90.91 resistance to confirm further positive outlook for the Dollar, and vice versa - a persuasive break bellow the 89.78 support and yesterday's bottom to give strength of the Yen, with next targets towards 89.11. RSI and MACD indicators are positive and leaning upwards, while CCI has just crossed up the 100 line on the 1 hour chart. Overall indicators suggest further positive outlook for the currency couple.Technical resistance levels: 90.83 91.79 92.43Technical support levels: 89.78 89.11 88.24

Trading range: 90.50 - 91.15Trend: UpwardBuy at 90.61 SL 90.31 TP 91.01

Already made +9 pips profit on USD/JPY today from the following signal:8:10 Sell USD/JPY at 90.56 SL 90.82 TP 90.06 exit sent 8:10 GMT.Total today +80, yesterday +117, as shown in details at www.zifx.com/performance.php.