USD/JPY 93.33 – 1 April 2010

USD/JPY Open 93.60 High 93.70 Low 92.13 Close 93.45
The weakening of the Yen accelerated on Wednesday, in converse with the very negative bank sentiment for Dollar/Yen at around -74%. The currency couple climbed from 92.82 to 93.62, closing the day at 93.45. Break above the new 93.70 resistance level would confirm the bullish outlook for now. The medium term trend seems to be turning from neutral to bullish as the upward impulse is gaining momentum on the 3 hour chart. Immediate support is yesterday’s bottom at 92.82, and only consistent break bellow it may give the Yen some options. There are no major economic events for Japan today. Quotes are currently moving just above the 20 and 50 EMA on the 1 hour chart, indicating slight bullish market. The RSI and MACD indicators are positive and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 93.70 94.39 95.44
Technical support levels: 92.82 92.13 91.08

Trading range: 93.20 – 93.85
Trend: Upward
Buy at 93.33 SL 93.03 TP 93.73

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