USD/JPY 88.84 – 11 December 2009

USD/JPY Open 88.29 High 88.99 Low 87.76 Close 88.19
Dollar/Yen made a lowering attempt on Thursday to the 87.76 bottom, from where it started climbing up to 88.43, closing the day at 88.19. Today Dollar continue to strengthen up to the 89.00 resistance. Short signals are neutral, but the long term downward scenario is expected to remain intact. Of the 3 hour chart quotes made an unconvincing break of the 86.00 support, which may potentially lead to an increasing momentum with objective towards 90.04. The nearest support is yesterday’s bottom at 87.76. Break and consistent movement below that level might lead to further bearish impulse towards 86.60. The CCI indicator is leaning upwards on the 1 hour chart, suggesting insignificant bullish pressure.
Technical resistance levels: 89.00 90.04 90.76
Technical support levels: 87.76 86.60 85.14

Trading range: 88.70 – 89.35
Trend: Upward
Buy at 88.84 SL 88.54 TP 89.24


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