In February, the Dollar/Yen increased sharply on the background of negative data on the Japanese economy after two unsuccessful attempts to drop under 88.00. Last week the currency couple sharply corrected after two weeks of consolidation and managed to hold above 94.50. On the weekly chart USD/JPY overcame the 94.60 resistance and formed a double bottom, suggesting development of technical growth with objectives towards the region of 101.50. On a daily chart the currency pair sharply dropped and settled under 96.50. And if USD/JPY remains under the above level, the risk of further decrease remains. At the same time we have a 4 hour chart there is a hammer formation, which provides valid signals for reduced bearish power and potential bullish correction towards the region of 97.40. Strengthening under the 94.50 support will signal for potential further reduction. Back above 96.50 may provoke growth.
Technical resistance levels: 97.00 98.15 99.35
Technical support levels: 95.45 94.55 93.60
Trading range: 96.25 - 96.90
Buy at 96.37 SL 96.07 TP 96.77
Already made +50 pips profit on USD/JPY today from the following signal:
5:45 GMT Sell USD/JPY at 96.25 SL 96.51 TP 95.75 TP reached at 7:42 GMT.
Total today +210, on Friday +186, as shown at www.zifx.com/performance.php