USD/JPY 89.25 - 6 October 2009
Yesterday Dollar/Yen made a decreasing attempt, reaching a bottom at 89.22, where the bearish impulse was stopped, and the currency couple bounced sharply upwards to 89.96, closing the day at 89.53. Today Dollar continued to weaken against the Yen, as expected, down to 88.86. On the 3 hour chart USD/JPY still moves within the downward channel, although there have been normal temporary corrections. Immediate resistance is yesterday's top at 89.95. Consistent movement over that level may cause stronger bullish momentum with targets 90.40, which may shake the current bearish trend. However, the downward scenario is expected to remain intact for now. The nearest support is 88.85 followed by 87.75. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 89.95 91.00 92.15
Technical support levels: 88.85 87.75 86.50
Sell at 89.25 SL 89.55 TP 88.75
Already made +32 pips profit on USD/JPY today from the following signal:
5:38 GMT+1 Sell USD/JPY at 89.17 SL 89.43 TP 88.67 exited at 7:02 GMT.
Total today +160, yesterday +153, as shown at www.zifx.com/performance.php