USD/JPY 94.76 - 25 August 2009

USD/JPY Open 94.43 High 95.06 Low 93.80 Close 94.53

On Monday Dollar/Yen attempted to rise, reaching the 95.06 top, where the further upward momentum was stopped as the currency pair went down, closing the day at 94.53. The upper limit of the downward channel was tested yesterday, which indicates slowing down of the downward momentum and possible upward bounce at some point. Signals are expected to remain downward in the short term. Immediate support is today's bottom at 93.80. Till USD/JPY trades above this level, bullish scenario remains a possibility. Break below it may return to continuation of the bearish movement. Immediate resistance is yesterday's top at 95.05. The CCI indicator is neutral the 1 hour chart, suggesting calm trading in the coming hours.

Technical resistance levels: 95.05 96.10 97.35

Technical support levels: 93.80 92.90 92.00

Trading range: 94.50 - 93.85

Trend: Downward

Sell at 94.37 SL 94.67 TP 93.97

Already made +31 pips profit on USD/JPY today from the following signal:

5:42 GMT+1 Sell USD/JPY at 94.10 SL 94.36 TP 93.60 exited at 7:13 GMT.

Total today +170, yesterday +129, as shown at