USD/JPY 92.76 – 20 April 2010

USD/JPY Open 92.45 High 92.90 Low 91.60 Close 92.41
Dollar started recovering against the Yen on Monday, in converse with the Interbank sentiment at around -13%. Yesterday the currency couple rose from 91.60 to 92.51, closing the day at 92.41. Break above the nearest 92.90 resistance and today’s peak would support further bullish perspective. The medium term trend is turning into bullish as the upward impulse is gaining momentum on the 1 hour chart. Immediate support is yesterday’s bottom at 91.60, and consistent break bellow it would strengthen the Yen further. There are no major economic events for Japan today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish market. The values of the RSI and CCI indicators are positive and declining, while MACD is positive and rising on the 1 hour chart, giving overall mild long signals.

Technical resistance levels: 92.90 93.64 94.72
Technical support levels: 91.60 90.71 89.86

Trading range: 92.65 – 93.30
Trend: Upward
Buy at 92.76 SL 92.46 TP 93.16

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