USD/JPY 89.49 - 25 February 2010
Dollar/Yen continues to decline this week as seen on the 30 minute chart. Yesterday the currency couple traded quietly within the 89.33 - 90.35 range, closing the day at 90.14. On the 3 hour chart the currency couple looks neutral, while on the 1 hour chart the bearish channel is getting stronger. There are many economic events today, such as the CPI and the Industrial output and Retail sales for Japan at 23.30-50 GMT, which may bring stronger movements on the market. First resistance is yesterday's peak at 90.35, the break up of which may strengthen the bulls further towards 91.27. Break bellow this morning's bottom and nearest support at 89.21 may lead to weakening of the Dollar, with targets towards 88.33. Quotes are currently bellow the 20 and above the 50 EMA, indicating descending pressure. The RSI and MACD indicators are negative and declining, while CCI is negative and inclining upwards, giving overall short signals.
Technical resistance levels: 90.35 91.27 92.15
Technical support levels: 89.21 88.33 87.45
Already made +49 pips profit on USD/JPY today from the following signal:
5:31 Sell USD/JPY at 89.72 SL 89.98 TP 89.22 exit sent 7:54 GMT.
Total today +173, yesterday +112, as shown in details at www.zifx.com/performance.php.