USD/JPY 93.88 - 21 August 2009

USD/JPY Open 94.15 High 94.55 Low 93.51 Close 94.17

On Thursday Dollar/Yen made a tentatively movement, climbing to the 94.55, than descending down to this morning's 93.51 bottom with around 100 pips. The currency couple seems to be in a consolidation phase now. On the 1 hour chart there is a decreasing channel and our short term scenario is for the downward trend to continue. However there is a secondary upward channel, which is currently taking place, but our expectations are for bearish movements with targets towards 92.55. Immediate and key resistance is represented by yesterday's top 94.55. Break above this level may weaken the descending trend and lead to reverse direction. The CCI indicator has crossed up the 100 line on the 1 hour hour chart, indicating possible bullish view.

Technical resistance levels: 94.55 96.40 97.35

Technical support levels: 93.50 92.55 91.65

Trading range: 94.00 - 93.35

Trend: Downward

Sell at 93.88 SL 94.18 TP 93.48

Already made +19 pips profit on USD/JPY today from the following signal:

7:58 GMT+1 Sell USD/JPY at 93.66 SL 93.92 TP 93.16 exited at 9:08 GMT.

Total today +124, yesterday +130, as shown at