The formed hammer gave us a valid warning of upward reverse scenario. The couple had an increasing momentum to the top 97.93 and closed yesterday at 97.58. Signals remain upward with targets towards the region of 98.60. The CCI indicator, however, is the overbought zone and downwards on the 1 hour chart, therefore be careful for possible downward pressure with testing of the short term support 96.95. Break under this level may cause further bearish impetus towards 95.65. Immediate resistance is the 98.20 level.
Technical resistance levels: 98.20 99.20 100.05
Technical support levels: 96.95 95.65 94.45 93.55
Trading range: 97.80 - 98.45
Buy at 97.91 SL 97.61 TP 98.31
Already made +14 pips profit on USD/JPY today from the following signal:
5:45 GMT+1 Buy USD/JPY at 97.27 SL 97.01 TP 97.77 exited at 5:56 GMT.
Total today +174, yesterday +111, as shown at www.zifx.com/performance.php