USD/JPY Technical Analysis 28 December 2009

 @ibtimes on December 28 2009 6:02 AM

USD/JPY 91.59 - 28 December 2009
USD/JPY Open 91.44 High 91.85 Low 91.14 Close 91.29

In December Dollar/Yen consolidated after the sharp drop the earlier month, and the risk of another downward wave remains high. Last week the currency couple consolidated, realizing the practical implementation of the technical targets of making double tops. On the weekly chart USD/JPY closed the week virtually unchanged, forming convergence, and ran out of steam, unable to close above 91.85. This carries a risk of a new wave of sales of the currency pair. On the daily chart a divergence is formed, which may signal for turning into downward direction. Strengthening under the 91.14 support will signal for potential reduction. Going back above 91.85 could provoke growth. The CCI indicator is neutral and leaning downwards, suggesting insignificant downward pressure.Technical resistance levels: 91.85 92.52 93.45Technical support levels: 91.14 90.20 89.33

Trading range: 91.70 - 91.05Trend: DownwardSell at 91.59 SL 91.89 TP 91.19

Already made +10 pips profit on USD/JPY today from the following signal:5:35 Sell USD/JPY at 91.55 SL 91.81 TP 91.05 exited at 8:20 GMT.Total today +66, last Wednesday +87, as shown in details at www.zifx.com/performance.php.

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