USD/JPY 90.81 - 29 October 2009

USD/JPY Open 90.67 High 91.71 Low 90.25 Close 90.66

On Wednesday Dollar/Yen continued the bearish movement, reaching a bottom at 90.58, and closing the day at 90.66. The 92.27 level plays the role of a key resistance at this stage. Our expectations are for bearish trend in the short term, till we see how strong the 90.25 support will appear. Convincing break under that level may lead to further strengthening of the Yen towards 89.00. The nearest resistance is represented by yesterday's top at 91.70. The CCI indicator is in the overbought zone and downwards to the 100 line on the 1 hour chart, suggesting a downward pressure.
Technical resistance levels: 91.70 92.80 94.00
Technical support levels: 90.25 89.00 87.85

Trading range: 90.95 - 90.30
Trend: Downward
Sell at 90.81 SL 91.11 TP 90.41

Already made +8 pips profit on USD/JPY today from the following signal:
5:38 GMT+1 Sell USD/JPY at 91.17 SL 91.43 TP 90.67 exited at 6:41 GMT.
Total today +94, yesterday +163, as shown in details at http://www.zifx.com/performance.php.

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