In February, the Dollar/Yen increased sharply on the background of extremely negative data for the Japanese economy, and the 2 failures to develop a decreasing movement under 87.50. Last week the currency couple sharply rose, reaching a highest level since November 2008. On the the weekly chart the pair overcame the 94.50 resistance level and formed a double bottom, suggesting growth development with targets towards the the region of 101.90. On a daily chart ascending trend is formed, which will remain valid until the pair holds above 97.00. Strengthening under the 96.40 support would signal for reduction. Going above 99.40 may provoke further growth.
Technical resistance levels: 99.00 99.90 101.10
Technical support levels: 96.40 95.60 94.75
Trading range: 98.70 - 99.35
Buy at 98.82 SL 98.52 TP 99.22
Already made +20 pips profit on USD/JPY today from the following signal:
5:46 GMT Sell USD/JPY at 98.34 SL 98.60 TP 97.84 exited at 6:23 GMT.
Total today +143, on Friday +93, as shown at www.zifx.com/performance.php