USD/JPY 92.80 - 7 January 2010
Dollar/Yen traded downward till Tuesday, reaching the 91.31 bottom, than started climbing, recovering almost all losses from the first 2 days of the week. On the 3 hour chart the upward movement was limited after reaching the resistance trend line at 93.15, and prices started slipping below the ascending channel, indicating a potential threat to bullish perspectives. Short signals are neutral but our intraday expectations are for rising Dollar against the Yen. Bullish scenario would be confirmed if we see convincing break above the nearest resistance and today's top at 92.95. In other hand movement bellow 90.31 would show that bears are taking over and may weaken the currency couple further. The CCI indicator is positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 92.70 93.58 94.45
Technical support levels: 91.31 90.49 89.64
Already made +32 pips profit on USD/JPY today from the following signal:
6:51 Buy USD/JPY at 92.55 SL 92.29 TP 93.05 exited at 7:55 GMT.
Total today +172, yesterday +117, as shown in details at www.zifx.com/performance.php.