In March, Dollar/Yen consolidated after the sharp fall from the previous month, and the risk of another reduction wave remains high. Last week the growth of the U.S. Dollar continued and the currency couple restored the majority of its losses. On the weekly chart USD/JPY overcame the 94.60 resistance, than formed a double bottom, which suggests growth towards the technical objective 101.50, but to speak of trend change is still early, as the pair remains within the downward trend. On the daily chart there is a risk of divergence formation. However, before that, USD/JPY should test the 100.50 resistance and develop growth towards the region of 102.00. Strengthening under the 96.00 support level will signal for reduction. Back above 98.80 may provoke growth.
Technical resistance levels: 97.40 98.80 100.00
Technical support levels: 96.00 94.75 93.45
Trading range: 96.90 - 96.25
Sell at 96.76 SL 97.06 TP 96.36
Already made +50 pips profit on USD/JPY today from the following signal:
5:46 GMT Sell USD/JPY at 97.28 SL 97.54 TP 96.78 TP reached at 6:28 GMT.
Total today +194, on Friday +175, as shown at www.zifx.com/performance.php