USD/JPY 87.84 - 25 November 2009
Dollar/Yen made downward movement on Tuesday, reaching depths of 88.35, closing the day at 88.49. Today, however, on the 3 hour chart the currency couple managed to break bellow the 88.18 - 92.26 range, as the bottom line of the trading range was tested more than the upper limit, signaling for stronger bearish pressure. However, if quotes fails to maintain consistent movement under 87.60, the bears may run out of strength and the increasing downward momentum can be exhausted. Signals are expected to remain decreasing in the short term and neutral in the medium, as movements are still caught within range on the bigger 1 day chart and suggested strategy is buy low or sell high in the long term. Breach of any range limit would give us clearer movement direction. The CCI indicator is negative on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 88.90 90.00 91.20
Technical support levels: 87.60 86.45 85.30
Sell at 87.84 SL 88.14 TP 87.54
Already made +12 pips profit on USD/JPY today from the following signal:
5:34 GMT+1 Sell USD/JPY at 88.32 SL 88.58 TP 87.82 exited at 8:35 GMT.
Total today +148, yesterday +173, as shown in details at www.zifx.com/performance.php.