USD/JPY 89.08 - 9 October 2009
Dollar/Yen traded hesitantly on Thursday. After reaching the 88.16 bottom, the currency couple started rising up to the 88.65 top, closing the day at 88.38. This morning climbing continued towards the upper limit of the downward channel at 89.35, which for now does a good job holding bullish movements. If however, that level is broken, the downward scenario may be shaken, and the upward correction may deepen further. We expect signals to remain bearish in short term towards 87.05, but we need a coherent movement under 88.15 to confirm the intact of the descending channel. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting descending pressure.
Technical resistance levels: 89.35 90.45 91.50
Technical support levels: 88.15 87.05 85.90
Sell at 89.08 SL 89.38 TP 88.68
Already made +9 pips profit on USD/JPY today from the following signal:
5:37 GMT+1 Sell USD/JPY at 89.19 SL 89.45 TP 88.69 exited at 7:45 GMT.
Total today +66, yesterday +156, as shown at www.zifx.com/performance.php