After prolonged pressure on the 98.45 level, finally Dollar/Yen managed to break this level and climbed to a record 98.86, before dropping down to 97.79. The short term forecast is for upward movement, if the currency couple makes a solid base above 98.45, with targets towards 99.60, followed by 102.00. However, we saw today a downward correction to 97.76, for gathering enough strength and reaching the previous levels. Trading range is between 90.50 and 102.00. General long term trend is still descending, while 102.50 remain intact, with targets towards 86.00, followed by 82.50. Immediate support is represented by the 97.70 level. Short term resistance is last night's top 98.90.
Technical resistance levels: 98.90 100.00 101.20
Technical support levels: 97.70 96.75 95.45
Trading range: 97.85 - 98.50
Buy at 97.99 SL 97.69 TP 98.39
Already made +43 pips profit on USD/JPY today from the following signal:
6:09 GMT Sell USD/JPY at 98.12 SL 98.38 TP 97.62 exited at 6:46 GMT.
Total today +175, yesterday +143, as shown at www.zifx.com/performance.php