USD/JPY 86.61 - 27 November 2009

USD/JPY Open 85.10 High 87.46 Low 84.89 Close 86.52

On Thursday Dollar/Yen continued the downward movement, reaching a bottom at 84.89, and closing the day at 86.52. Of the 3 hour chart the currency couple broke down the 87.51 - 92.27 range, giving good bearish signals. However, CCI is in the oversold area and upwards of a 3 hour chart, signaling for potential upward pressure, so be careful for possible testing of the the 87.02 resistance. Break above that level may trigger further upward correction towards next target 87.75. Our preferable scenario for the intraday trading is in favour of the bears for now.
Technical resistance levels: 87.02 87.75 89.00
Technical support levels: 84.90 84.05 83.20

Trading range: 86.75 - 86.10
Trend: Downward
Sell at 86.61 SL 86.91 TP 86.21

Already made +50 pips profit on USD/JPY today from the following signal:
5:39 GMT+1 Sell USD/JPY at 86.36 SL 86.62 TP 85.86 TP reached at 7:02 GMT.
Total today +210, yesterday +93, as shown in details at www.zifx.com/performance.php.

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