In December, Dollar/Yen continued declining, overcoming the lowest rates from October 2008, and reached a 87.12. Last week the currency couple attempted to develop further the downward trend, and fell sharply, but could not overcome the 87.00 support. On the weekly chart the descending pressure continues to remain strong, while the pair remains under 93.10, but till USD/JPY is holding above 87.00, correctional growth is possible. On the daily chart the downward general trend of the currency pair remains, with increased growth of declining to be maintained till the pair is under 90.40. Strengthening below the support level 87.90 would signal for the further reduction. Detention above 90.40 may provoke growth.
Technical resistance levels: 89.55 90.40 91.50
Technical support levels: 88.15 87.10 85.95
Trading range: 89.60 - 88.95
Sell at 89.46 SL 89.76 TP 89.06
Already made +46 pips profit on USD/JPY today from the following signal:
5:45 GMT Sell USD/JPY at 89.05 SL 89.31 TP 88.55 exited at 7:28 GMT.
Total today +140, on Friday +146, as shown at www.zifx.com/performance.php