USD/JPY 93.15 - 8 April 2010
The Dollar depreciating against the Yen continued on Wednesday, in converse with the positive bank sentiment for Dollar/Yen at around +8%. Yesterday the currency couple dropped from 94.25 to 93.16, closing the day at 93.32. Break above the new and lower lower 94.25 resistance level would support further bullish outlook. The medium term trend is turning from bullish to bearish as the downward impulse is gaining momentum on the 1 hour chart. Immediate support is today's bottom at 92.88, and consistent break bellow it would give the Yen further strength. There are no major economic events today for Japan, except for the already passed BoJ monthly economic report at 5 GMT, which showed unchanged policy. Quotes are currently moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish market. The RSI and CCI indicators are negative and declining, while MACD is negative and quiet on the 1 hour chart, giving overall weak short signals.
Technical resistance levels: 94.25 95.30 96.12
Technical support levels: 92.88 92.06 90.34
Already made +15 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Sell USD/JPY at 93.21 SL 93.47 TP 92.71 exit at 8:30 GMT+1.
Total today +161, yesterday +84, as shown in details at www.zifx.com/performance.php.