USD/JPY Technical Analysis 5 January 2010

Dollar/Yen started descending on Monday, after the strong ascending movement last week. After reaching the 93.21 peak yesterday, the currency couple dropped down to 92.24, closing the day at 92.51. On the daily chart quotes are currently moving inside the secondary descending channel, indicating a strong bearish momentum. Signals are expected to remain bearish in the short term with targets towards 91.50. Break bellow this level may form new longer term bearish channel heading towards 91.37. Immediate resistance is represented by yesterday's top at 93.20. Break above this level might shake the bearish perspectives. The CCI indicator is neutral and leaning downwards on the 1 hour chart, suggesting insignificant bearish pressure.Technical resistance levels: 93.20 93.98 94.75Technical support levels: 91.63 90.79 89.64

Trading range: 92.10 - 91.45Trend: DownwardSell at 91.98 SL 92.28 TP 91.58

Already made +17 pips profit on USD/JPY today from the following signal:5:39 Sell USD/JPY at 91.83 SL 92.09 TP 91.33 exited at 5:50 GMT.Total today +151, yesterday +197, as shown in details at www.zifx.com/performance.php.