USD/JPY 89.42 - 2 October 2009
Dollar/Yen lost their bullish momentum on Thursday, and declined, reaching a bottom at 89.36, and closing the day at 89.59. On the 3 hour chart the upper limit of the downward channel limited the bullish movement, forming new downward triangle. Overall, the main trend is expected to remain downward. However, if quotes manage to break up the resistance at 90.15, Dollar may continue correcting against the Yen with possible test of 91.35. Immediate support is today's bottom at 89.20. Break below this level may trigger stronger downward impulse towards 88.15. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 90.15 91.35 92.55
Technical support levels: 89.20 88.15 87.50
Sell at 89.42 SL 89.72 TP 89.02
Already made +8 pips profit on USD/JPY today from the following signal:
5:40 GMT+1 Sell USD/JPY at 89.43 SL 89.69 TP 88.93 exited at 8:59 GMT.
Total today +134, yesterday +135, as shown at www.zifx.com/performance.php