USD/JPY 90.35 – 16 September 2009

USD/JPY Open 90.98 High 91.53 Low 90.12 Close 91.06
Dollar/Yen made an ascending effort on Tuesday, but failed to break the 91.80 resistance, dropped sharply to 90.87, and closed the day at 91.06. It seems that the upward correction is over and the currency couple is ready to continue its main bearish trend. Short term signals are expected to be bearish with objectives towards 89.20. The nearest resistance is represented by yesterday’s top at 91.55. Break above it may be a potential threat to the current downward channel. The CCI indicator had crossed down the 100 line on the 1 hour chart, suggesting accumulated downward pressure.
Technical resistance levels: 91.55 92.20 93.10
Technical support levels: 90.10 89.20 88.05

Trading range: 90.45 – 89.85
Trend: Downward
Sell at 90.35 SL 90.65 TP 89.95

Already made +50 pips profit on USD/JPY today from the following signal:
7:04 GMT+1 Sell USD/JPY at 90.86 SL 91.12 TP 90.36 exited at 8:33 GMT.
Total today +136, yesterday +104, as shown in details here.


Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.

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