USD/JPY 94.25 - 20 August 2009

USD/JPY Open 94.06 High 94.97 Low 93.68 Close 94.07

The bearish movement of the Dollar/Yen continued on Wednesday, reaching a bottom at 93.68, from where the currency couple started rising, closing the day at 94.07. On the 1 hour chart there is a still valid downward channel. Today, however, we see a secondary upward channel indicating short term bullish scenario with targets towards the nearest resistance at 95.00. Immediate support is yesterday's bottom at 93.70. CCI indicator is in the oversold zone and upwards on the 1 hour chart, suggesting ascending pressure with possible break of the above resistance.

Technical resistance levels: 95.00 96.40 97.35

Technical support levels: 93.70 92.80 91.65

Trading range: 94.15 - 94.75

Trend: Upward

Buy at 94.25 SL 93.95 TP 94.65

Already made +10 pips profit on USD/JPY today from the following signal:

5:38 GMT+1 Sell USD/JPY at 94.43 SL 94.69 TP 93.93 exited at 6:00 GMT.

Total today +130, yesterday +81, as shown at www.zifx.com/performance.php