USD/JPY Technical Analysis 7 May 2009

By @ibtimes on

USD/JPY 99.15 - 7 May

USD/JPY Open 98.42 High 99.45 Low 98.02 Close 98.29

Dollar/Yen closed higher on Wednesday as part of the consolidated reduction from last week. On the 1 hour chart the currency couple broke downwards the rectangle area, but seemed to hesitate to continue the descending movement and today sharply rose. The trend line gave a good support and a bouncing line. Break below could lead to further decreasing momentum. Immediate resistance is at today's top 99.45. The CCI indicator has just crossed up the 100 line on the 1 hour chart, assuming continuation of the increasing momentum.

Technical resistance levels: 99.15 100.30 101.50

Technical support levels: 98.00 97.05 96.00

Trading range: 99.05 - 99.65

Trend: Upward

Buy at 99.15 SL 98.85 TP 99.55

Already made +27 pips profit on USD/JPY today from the following signal:

5:44 GMT+1 Buy USD/JPY at 98.51 SL 98.25 TP 99.01 exited at 7:35 GMT.

Total today +99, yesterday +164, as shown at www.zifx.com/performance.php

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