USD/JPY 93.10 - 31 August 2009
USD/JPY Open 93.30 High 94.07 Low 92.56 Close 93.49

Dollar/Yen continued descending on Friday to the 93.36 bottom, closing the week at 93.49. After going under this morning's 93.50, the Dollar continued to weaken against the yen and new monthly bottoms were reached in the zone of 92.55, where the currency couple met strong support and bounced upwards. Next objectives downwards are towards 91.40. Immediate resistance is Friday's top 94.05, the break up of which may lead to potential upward impulse with next target 95.20, which is a strong resistance level. The CCI indicator had crossed up the 100 line on the 1 hour chart, suggesting possible upward impulse with test of the the 94.05 resistance. However the upward impulse seems to have lost its strength, and our preferable scenario for the moment is for downward correction.

Technical resistance levels: 94.05 95.20 96.35

Technical support levels: 92.55 91.40 90.90

Trading range: 93.20 - 92.60

Trend: Downward

Sell at 93.10 SL 93.40 TP 92.70

Already made +8 pips profit on USD/JPY today from the following signal:

5:39 GMT+1 Sell USD/JPY at 92.72 SL 92.98 TP 92.22 at 6:19 GMT.

Total today +109, on Friday +138, as shown at