In March Dollar/Yen consolidated, after the sharp rise a month earlier, and the risk of another reduction wave remains high. Last week the Dollar continued to grow, and the currency pair reached levels in the region of 100.60. On the weekly chart USD/JPY overcome the 95.75 resistance and established double bottom, which suggests upward momentum with technical objectives towards the region of 101.90, but to speak of trend change is still early, as the currency pair still remains within a downward trend. On the daily chart there is a risk of divergence being formed, but first Dollar/Yen may develop growth towards the 102.20 resistance. Strengthening under the 99.20 support line will give downward signals. Going above 101.45 could provoke a rise in short term, with targets towards the region of 101.30.
Technical resistance levels: 101.45 102.30 103.65
Technical support levels: 99.20 98.25 97.40
Trading range: 101.00 - 101.60
Buy at 101.10 SL 100.80 TP 101.50
Already made +42 pips profit on USD/JPY today from the following signal:
5:49 GMT Buy USD/JPY at 100.82 SL 100.56 TP 101.32 exited at 8:03 GMT.
Total today +142, on Friday +136, as shown at www.zifx.com/performance.php