USD/JPY 92.28 - 3 September 2009 USD/JPY Open 92.11 High 93.02 Low 92.02 Close 92.21
Dollar/Yen continued the downward movement on Wednesday, reaching a bottom at 92.02, and closing the day at 92.21. On the 4 hour chart there is a still valid descending channel. Our expectations, however, are for bullish scenario in the short term. On the 1 hour chart the key support seen at 92.00 can be considered as double bottom, giving warning for a current upward correction. Convincing break below 92.00 would confirm renewal of the bearish scenario with targets towards 91.10. Immediate resistance is 93.00, the break of which may convincingly break the downward trend and turn it around. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting accumulated bullish pressure.
Technical resistance levels: 93.00 94.15 95.05
Technical support levels: 92.00 91.10 90.15
Trading range: 92.15 - 92.80
Buy at 92.28 SL 91.98 TP 92.68
Already made +8 pips profit on USD/JPY today from the following signal:
5:36 GMT+1 Sell USD/JPY at 92.30 SL 92.56 TP 91.80 at 5:40 GMT.
Total today +64, yesterday +193, as shown at www.zifx.com/performance.php