USD/JPY 93.30 – 22 April 2010

USD/JPY Open 93.05 High 93.41 Low 92.74 Close 93.17
Dollar corrected downwards against the Yen on Wednesday, in line with the Interbank sentiment at around -4%. Yesterday the currency couple dropped from 93.41 to 92.74, closing the day at 93.17. Break above the nearest 93.41 resistance and yesterday’s peak would support further bullish perspective. The medium term trend may return back to bearish as the downward channel on the 1 hour chart is still in good shape. Immediate support is yesterday’s bottom at 92.74, and consistent break bellow it would strengthen the Yen further towards next target 91.60. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The values of the RSI and CCI indicators are positive and declining, while MACD is neutral and slightly rising on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 93.41 94.17 95.00
Technical support levels: 92.74 91.60 90.71

Trading range: 93.40 – 92.80
Trend: Downward
Sell at 93.30 SL 93.60 TP 92.90

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