USD/JPY 89.67 - 26 January 2010
Dollar/Yen traded hesitantly on Monday, closing the day at 90.27. This morning the currency couple climbed to the 90.54 top, which is also a technical resistance, from where decreased sharply down to 89.40. As seen on the 1 hour chart the downward channel remains intact, which would be confirmed if we see further weakening of the Dollar against the Yen bellow the nearest 89.40 support. However, any rising of the Dollar should not come unexpected, and a convincing break above 90.54 may lead to stronger bullish momentum, and weaken the bears. As quotes currently remain way bellow the 20 and 50 EMA, this suggests accumulated downward pressure. Any cross up of the two EMA may signal for potential jump. The decrease in the values of the RSI, MACD and CCI indicators support the decreasing scenario.
Technical resistance levels: 90.54 91.37 92.44
Technical support levels: 89.40 88.52 87.66
Already made +43 pips profit on USD/JPY today from the following signal:
6:55 Buy USD/JPY at 90.01 SL 89.75 TP 90.51 exit sent 6:55 GMT.
Total today +128, yesterday +147, as shown in details at www.zifx.com/performance.php.