USD/JPY 91.53 - 23 September 2009
Dollar/Yen failed to continue his ascending correction on Tuesday. Of the 3 hour chart the bullish channel was broken downwards and the trading under 91.75 indicates that the correctional phase is completed and now the currency couple is ready to continue their main descending scenario. Our expectations, however are bullish in the short term, as the key support at of 90.50 is stopping the bearish movement temporarily. Break under this level may trigger further downward impulse towards 89.45. The nearest resistance is yesterday's top at 92.05. Break above this level may lead USD/JPY to further recovery. The CCI indicator is in the oversold zone and up on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 92.05 93.15 94.20
Technical support levels: 90.50 89.45 88.55
Buy at 90.86 SL 90.56 TP 91.16
Already made +9 pips profit on USD/JPY today from the following signal:
8:43 GMT+1 Sell USD/JPY at 91.03 SL 91.29 TP 90.53 exited at 8:45 GMT.
Total today +93, yesterday +113, as shown at www.zifx.com/performance.php