USD/JPY Technical Analysis 20 July 2009

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USD/JPY 94.38 - 20 July

USD/JPY Open 94.23 High 94.79 Low 93.55 Close 94.17

After an upward rebound from the 93.25 bottom level on the 1 hour chart, the Dollar/Yen rose up to 94.79. The currency couple started the week with a small increase to the above level, which appears to be a strong resistance and may not be easily penetrated. Break above it will confirm the positive trend intact with possible test of 96.00. Falling under the immediate support at 93.25 may trigger further descending impulse towards 92.00. The CCI indicator has crossed up the 100 line on the 1 hour chart, assuming potential ascending views.

Technical resistance levels: 94.80 96.00 97.10

Technical support levels: 93.25 92.00 90.90

Trading range: 94.25 - 94.90

Trend: Upward

Buy at 94.38 SL 94.08 TP 94.78

Already made +14 pips profit on USD/JPY today from the following signal:

5:39 GMT+1 Buy USD/JPY at 94.65 SL 94.39 TP 95.15 exited at 7:12 GMT.

Total today +174, on Friday +93, as shown at www.zifx.com/performance.php

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