USD/JPY 90.09 – 18 December 2009

USD/JPY Open 89.70 High 90.37 Low 88.98 Close 89.95
Dollar/Yen did not made significant movement on Thursday, trading within the narrow 88.98 – 90.37 range. On the 3 hour chart, however, the fact that quotes are able to remain above the 85.90 support level indicates that bullish pressure is still increasing and our intraday expectations are for strong Dollar against the Yen with possible test of the nearest resistance and yesterday’s top 90.37. Just move back under the immediate 88.98 support and bottom from this morning can be seen as a threat for the bulls and may trigger future bearish run towards 87.76. The CCI indicator is positive on the 1 hour chart, suggesting short term bullish perspectives.
Technical resistance levels: 89.93 90.76 91.54
Technical support levels: 88.98 87.76 86.60

Trading range: 89.95 – 90.60
Trend: Upward
Buy at 90.09 SL 89.79 TP 90.49


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