USD/JPY 91.56 – 29 December 2009

USD/JPY Open 91.71 High 91.78 Low 91.44 Close 91.63
The formed hammer gave us a valid warning of upward continuation scenario. The currency couple had an increasing momentum on Monday to the 91.76 top and closed the day at 91.63. Signals are expected to remain upward with next targets towards 92.52, followed by 93.45. The RSI indicator, however, is the overbought zone and downwards on the 1 hour chart, therefore be careful for possible downward pressure with testing of the short term support 91.44. Break under this level may cause further bearish impetus towards next downward objective 90.20. Immediate resistance is today’s top at 91.78. The CCI indicator is neutral and leaning downwards, suggesting insignificant downward pressure.
Technical resistance levels: 91.78 92.52 93.45
Technical support levels: 91.44 90.20 89.33

Trading range: 91.45 – 92.10
Trend: Upward
Buy at 91.56 SL 91.26 TP 91.96


Written by