USD/JPY 94.00 - 6 April 2010
The rally of the Dollar against the Yen was terminated at the end of last week, and turned into depreciating yesterday, in converse with the positive bank sentiment for Dollar/Yen at nearly +14%. On Monday the currency couple dropped from 94.74 to 94.09, closing the day at 94.36. Break above the new 94.74 resistance level would support further bullish growth. The medium term trend seems to be turning from bullish to bearish as the downward impulse is gaining momentum on the 1 hour chart. Immediate support is today's bottom at 93.77, and consistent break bellow it would give the Yen further strength. There are no major economic events for Japan, except for the already passed at 5 GMT Japan Leading and Coincident indicators. Quotes are currently moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish market. The RSI and MACD indicators are negative and declining, while CCI has crossed down the 100 line and is calm on the 1 hour chart, giving overall short signals.
Technical resistance levels: 94.74 95.59 96.41
Technical support levels: 93.77 92.82 92.13
Already made +20 pips profit on USD/JPY today from the following signal:
5:35 GMT+1 Sell USD/JPY at 94.05 SL 94.31 TP 93.55 exit at 8:00 GMT+1.
Total today +143, last Thursday +94, as shown in details at www.zifx.com/performance.php.