USD/JPY 92.72 - 4 September 2009 USD/JPY Open 92.11 High 92.89 Low 92.02 Close 92.61
On Thursday Dollar/Yen made an upward correction. The 92.00 appeared to be good support for the rising start. The downward movement began when the upward triangular formation appeared on the 1 hour chart. The current bullish impetus is defined and within the newly formed ascending channel. The last bearish momentum was halted by a diversion formation before making the upward adjustment. Expectations are for upward scenario in the short term with objectives towards 93.00, but we see this bullish momentum only as an adjustment to the basic bearish trend. The nearest support is still 92.00. The CCI indicator has crossed up the 100 line on the 1 hour chart, showing accumulated bullish pressure.
Technical resistance levels: 93.00 94.15 95.05
Technical support levels: 92.00 91.10 90.15
Trading range: 92.60 - 93.25
Buy at 92.72 SL 92.42 TP 93.12
Already made +25 pips profit on USD/JPY today from the following signal:
5:38 GMT+1 Buy USD/JPY at 92.62 SL 92.36 TP 93.12 at 9:00 GMT.
Total today +123, yesterday +64, as shown at www.zifx.com/performance.php