USD/JPY 91.58 - 21 January 2010

USD/JPY Open 91.22 High 91.05 Low 90.35 Close 91.21

On the 15 minute chart this week Dollar/Yen has formed a new upward channel, currently testing the upper limit of the bigger downwards channel on the 1 hour chart. On Wednesday the currency couple dropped down to the 90.81 bottom, from where it started climbing movement to the 91.41 level, closing the day at 91.21. Today climbing continued, as expected, meeting resistance at 91.77. Today's some economic news may continue to support the Dollar, and if we see convincing break over the above resistance, further ascending movement can be expected with objectives towards 92.55. In the medium term USD/JPY is in neutral configuration. The current bullish trend may be threaten only if we see a break bellow Monday's bottom at 90.36. Quotes are currently moving above the 20 and 50 EMA. This is an indication for accumulated bullish pressure. Weak divergence of RSI and CCI above the zero line signals for possible descend, while the MACD indicator prompt increase. Overall, indicators are positive and in favour of the bullish outlook.
Technical resistance levels: 91.77 92.55 93.43
Technical support levels: 90.35 89.50 88.62

Already made +14 pips profit on USD/JPY today from the following signal:
5:33 Buy USD/JPY at 91.60 SL 91.34 TP 92.10 exit sent 9:04 GMT.
Total today +159, yesterday +150, as shown in details at