USD/JPY 92.69 – 4 June 2010

USD/JPY Open 92.59 High 92.88 Low 92.05 Close 92.69
On Thursday Dollar/Yen continued trading upwards with weaker momentum, in converse with the Interbank sentiment at nearly -54%. The currency couple appreciated from 91.03 to 92.80 yesterday, closing the day at 92.69. This morning rising extended to 92.88. Break above today’s peak and nearest resistance 92.88 would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 92.05, and consistent break bellow it could strengthen the Yen further towards next objective 91.03. 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 pressure. The value of the RSI indicator is positive and rising, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, still giving overall long signals.

Technical resistance levels: 92.88 93.55 94.40
Technical support levels: 92.05 91.03 90.19

Trading range: 92.55 – 93.20
Trend: Upward
Buy at 92.69 SL 92.39 TP 93.09

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