USD/JPY 90.37 - 20 October 2009
On Monday Dollar/Yen made a significant descending movement from. The currency couple decreased from the 91.13 top down to 90.39, closing the day at 90.52. Immediate resistance is yesterday's top at 91.15, the penetration of which may shake again the downward channel and strengthen the Dollar further towards next target 92.25. Our preferable scenario for now is bearish with objective towards 90.10, followed by 89.00. Key support is represented by the 90.10 level. Break under it might strengthen the Yen and lead to renewal of the descending channel. The CCI indicator is neutral on the 1 hour chart, suggesting calm trading.
Technical resistance levels: 91.15 92.25 93.40
Technical support levels: 90.10 89.00 87.85
Sell at 90.37 SL 90.67 TP 89.97
Already made +25 pips profit on USD/JPY today from the following signal:
5:37 GMT+1 Sell USD/JPY at 90.32 SL 90.58 TP 89.82 exited at 8:00 GMT.
Total today +114, yesterday +189, as shown in details here.