In January Dollar/Yen undertook an attempt to overcome the 87.15 support, but failed again, after which currency pair recovered and closed the month without significant change. Last week USD/JPY rose sharply after failing to strengthen under 87.15. On the weekly chart the currency couple consolidated, the downwards pressure continues to remain strong, while Dollar/Yen remains under 92.25. On the daily chart a double bottom could be formed, therefore the risk of an upward correction has increased, especially after overcoming of the decreasing trend line. Strengthening under the support 90.65 will signal for the benefit of further reduction. Retention above 92.25 may provoke growth.
Technical resistance levels: 92.35 93.25 94.70
Technical support levels: 90.80 89.95 88.60
Trading range: 91.40 - 92.05
Buy at 91.51 SL 91.11 TP 91.91
Already made +31 pips profit on USD/JPY today from the following signal:
5:48 GMT Sell USD/JPY at 91.20 SL 91.46 TP 90.70 exited at 6:12 GMT.
Total today +174, on Friday +142, as shown at www.zifx.com/performance.php