USD/JPY 90.17 - 24 February 2010

USD/JPY Open 90.16 High 91.27 Low 89.93 Close 90.20

Dollar/Yen started declining this week, forming new small descending channel on the 15 minute chart. Yesterday the currency couple depreciated from 91.27 to 89.93, closing the day at 90.20. On the daily chart the picture for the USD/JPY is neutral, while on the 1 hour chart we have a bullish channel. Going above yesterday's top and nearest resistance at 91.27 should confirm the bullish channel integrity, and may trigger further upward momentum towards 92.15. Break bellow yesterday's bottom and immediate support at 89.93 may lead to weakening of the Dollar, with objectives towards 89.10. Quotes are currently bellow the 20 and above the 50 EMA, indicating descending pressure. The RSI indicator is positive and decreasing, MACD is negative and slightly declining, while CCI is negative and quiet, giving, overall short signals.
Technical resistance levels: 91.27 92.15 93.00
Technical support levels: 89.93 89.10 88.26

Already made +24 pips profit on USD/JPY today from the following signal:
5:34 Sell USD/JPY at 90.21 SL 90.47 TP 89.71 exit sent 9:05 GMT.
Total today +112, yesterday +153, as shown in details at