USD/JPY 93.49 – 9 April 2010

USD/JPY Open 93.43 High 93.78 Low 92.84 Close 93.38
The Dollar started gaining against the Yen on Wednesday, in line with the positive bank sentiment for Dollar/Yen at around +6.5%. Yesterday the currency couple dropped to 92.84, from where it started rising, closing the day at 93.38. Break above the new and lower lower 93.78 resistance level would support further bullish perspective. The medium term trend is returning back bullish again as the upward impulse is gaining momentum on the 15 minute chart. Immediate support is yesterday’s bottom at 92.84, and consistent break bellow it would give the Yen further strength. There are no major economic events today for Japan. Quotes are currently moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish market. The RSI, MACD and CCI indicators are all positive and inclining upwards on the 1 hour chart, giving overall long signals.
Technical resistance levels: 93.78 94.71 98.80
Technical support levels: 92.84 92.06 90.34

Trading range: 93.35 – 94.00
Trend: Upward
Buy at 93.49 SL 93.19 TP 93.89

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