USD/JPY 92.80 - 8 January 2010

USD/JPY Open 93.44 High 93.75 Low 92.10 Close 93.30

Dollar/Yen continued increasing on Thursday, climbing up to the 93.75 top, closing the day at 93.30. On the 3 hour chart the currency couple has formed significant ascending channel, signaling that the bullish scenario should remain intact for now. But we will be looking for a convincing break above the upper limit of the bigger descending channel on the daily chart at around 100.87 to confirm longer term ascending scenario. Our preferable scenario for now is still bullish, with next objectives towards 94.55, if we see a good break above the nearest resistance at 93.75. Immediate support is yesterday's bottom at 92.10, and break bellow it might trigger further weakening of the USD/JPY pair. The CCI indicator is about to cross up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 93.75 94.55 94.45
Technical support levels: 92.10 91.31 90.49

Already made +22 pips profit on USD/JPY today from the following signal:
5:33 Buy USD/JPY at 93.23 SL 92.97 TP 93.73 exited at 7:05 GMT.
Total today +110, yesterday +172, as shown in details at www.zifx.com/performance.php.

/