USD/JPY 90.34 - 8 March 2010

USD/JPY Open 90.43 High 90.68 Low 89.18 Close 90.18

After some hesitation, Dollar/Yen rose on Friday after the U.S. NFP and the Unemployment report, climbing from 89.19 to 90.44, closing the week at 90.18. The currency couple tested the upper limit of the downward channel formed on the 3 hour chart at 90.68 this morning. If that level is convincingly penetrated upwards, the Dollar is expected to continue rising against the Yen towards 91.19, but in the longer term the main downward trend, as seen on the 3 hour chart remains intact for now. Going bellow last Thursday's bottom 88.18 may lead to renewal of the bearish trend with targets towards 87.05. There are no economic events today for Japan except for the Economy watchers survey already passed at 5:00 GMT. Quotes are currently just bellow the 20 and above the 50 EMA, indicating slight bearish pressure. The RSI indicator is negative and inclining upwards, MACD is neutral and leaning downwards, while CCI has crossed down the 100 line the 1 hour chart, giving overall short signals.
Technical resistance levels: 90.68 91.19 91.97
Technical support levels: 89.18 88.18 87.05

Already made +26 pips profit on USD/JPY today from the following signal:
5:38 Sell USD/JPY at 90.44 SL 90.70 TP 89.94 exit sent 8:51 GMT.
Total today +131, on Friday +83, as shown in details at www.zifx.com/performance.php.

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