USD/JPY Technical Analysis 4 May 2009

  @ibtimes on May 04 2009 6:14 AM

USD/JPY 99.54 - 4 May

USD/JPY Open 99.42 High 99.55 Low 98.54 Close 99.07

The formed hammer gave us a valid warning of downward reverse scenario. The couple had an increasing momentum to the top 99.49 and closed on Friday at 99.07. Signals are now neutral with trading range within 98.74 - 99.60. The CCI indicator, is the overbought zone and downwards on the 1 hour chart, suggesting possible downward pressure with testing of the short term support 98.75. Break under this level may cause further bearish impetus towards 97.65. Immediate resistance is the 99.55 level.

Technical resistance levels: 99.55 100.60 101.75

Technical support levels: 98.75 97.65 96.45

Trading range: 99.65 - 99.00

Trend: Downward

Sell at 99.54 SL 99.84 TP 99.14

Already made +9 pips profit on USD/JPY today from the following signal:

5:40 GMT+1 Buy USD/JPY at 99.46 SL 99.20 TP 99.96 exited at 7:38 GMT.

Total today +114, on Friday +184, as shown at www.zifx.com/performance.php

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