USD/JPY 88.55 - 4 March 2010
Dollar/Yen continued the descending trend, which started on Monday, dropping on Wednesday down to 88.32, closing the day at 88.43. Today the depreciating of the currency couple continued, forming new support level at 88.14. Our expectations today are for the main bearish trend to continue, but any upwards adjustments towards the first resistance 88.94 should not come unexpected. Going bellow today's bottom and first support for today at 88.14 would confirm the bearish trend. There are no economic events today for Japan, besides the BoJ meeting already held this morning at at 1:30 GMT. First resistance is yesterday's top at 88.94. Going above it may trigger further bullish momentum towards next target 89.45. Quotes are currently above the 20 and bellow the 50 EMA, warning for bullish corrections. The RSI and CCI indicators are positive and declining, while the MACD is slightly inclining upwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 88.94 89.45 90.30
Technical support levels: 88.14 87.38 86.50
Already made +32 pips profit on USD/JPY today from the following signal:
5:34 Sell USD/JPY at 88.46 SL 88.72 TP 87.96 exit sent 6:57 GMT.
Total today +161, yesterday +158, as shown in details at www.zifx.com/performance.php.