USD/JPY 89.21 - 5 March 2010
Dollar/Yen started rising on Thursday ahead of the US Nonfarm payrolls and the Unemployment report, climbing from 88.18 to 89.23, closing the day at 89.02. Today the appreciating of the currency couple continued towards Monday's top at 89.45. Our expectations today are for the bullish trend to continue towards 90.30 because of the positive data expected for the Dollar, but in the longer term the main downward trend, as seen on the 3 hour chart remains intact for now. Going bellow yesterday's bottom and first support at 88.18 would get the currency couple back on the slippery bearish track with targets towards 87.38. There are no economic events today for Japan. Quotes are currently above the 20 and 50 EMA, indicating bullish pressure. The RSI indicator is positive and climbing, MACD is positive and overbought, while CCI is crossing up the 100 line the 1 hour chart, giving overall long signals.
Technical resistance levels: 89.45 90.30 91.14
Technical support levels: 88.18 87.38 86.50
Already made +4 pips profit on USD/JPY today from the following signal:
5:31 Sell USD/JPY at 89.28 SL 89.54 TP 88.78 exit sent 8:37 GMT.
Total today +83, yesterday +161, as shown in details at www.zifx.com/performance.php.