USD/JPY 90.75 - 21 October 2009

USD/JPY Open 90.68 High 91.05 Low 90.08 Close 90.69

Dollar/Yen traded consolidated down to 90.08 on Tuesday, from where sharply rose with around 100 pips, closing the day at 90.69. On the 3 hour chart, after breaking up the bearish channel, the currency pair is now moving in the newly formed secondary bullish channel, with quotes currency heading towards the lower limit of the upward channel and current first resistance and top from yesterday 91.05. Till Dollar is holding above 90.10 the bullish channel is expected to remain intact. Therefore our preferable scenario for now is bullish, with objectives 92.25, followed by 93.40. Break under yesterday's bottom and first support level 90.10 may weaken the bulls and renew the downward channel. The CCI indicator is positive on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 91.05 92.25 93.40
Technical support levels: 90.10 89.00 87.85

Trading range: 90.65 - 91.25
Trend: Upward
Buy at 90.75 SL 90.45 TP 91.15

Already made +15 pips profit on USD/JPY today from the following signal:
5:39 GMT+1 Buy USD/JPY at 90.62 SL 90.36 TP 91.12 exited at 7:02 GMT.
Total today +141, yesterday +114, as shown in details at