USD/JPY 89.70 - 29 September 2009
Dollar/Yen made a significant downward movement on Monday down to the 88.47 bottom, from where it recovered back later as expected in our forecast, closing the day at 89.64. On the 3 hour chart there is a downward channel formed with a strong bearish momentum, especially when the quotes went under 90.00, but 88.47 appeared to be a strong support, where the currency couple bounced up. Our preferable short term scenario is upwards, with objectives towards this morning's top and nearest resistance 90.20, the break of which may lead to further upward correction and recovery of the Dollar. The CCI indicator is in the oversold zone and up on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 90.20 91.45 92.55
Technical support levels: 88.45 87.50 86.35
Buy at 89.70 SL 89.40 TP 90.10
Already made +11 pips profit on USD/JPY today from the following signal:
5:40 GMT+1 Sell USD/JPY at 89.96 SL 90.22 TP 89.46 exited at 5:46 GMT.
Total today +177, yesterday +176, as shown at www.zifx.com/performance.php