USD/JPY 90.68 – 24 September 2009

USD/JPY Open 91.51 High 91.60 Low 90.35 Close 91.30
Dollar/Yen failed to continue its bearish momentum yesterday, climbed up to the 91.60 top, closing the day at 91.30. Because of the current trading range within which the currency pair is moving, as seen on the 3 hour chart, we would suggest 2 optional trading scenarios. The first is range trading, with sell around 92.60 and buy about 90.35. The second scenario is trading at a market break, with buy of break up of 92.55, and sell with break down of 90.20. The nearest resistance is yesterday’s top 91.60. Break above this level may trigger further bullish impulse towards 92.55. We expect the main trend to remain bearish. The CCI indicator is negative on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 91.60 92.55 93.65
Technical support levels: 90.35 90.20 89.10

Trading range: 90.80 – 90.15
Trend: Downward
Sell at 90.68 SL 90.98 TP 90.28

Already made +50 pips profit on USD/JPY today from the following signal:
5:35 GMT+1 Sell USD/JPY at 90.99 SL 91.25 TP 90.49 TP reached at 8:05 GMT.
Total today +115, yesterday +93, 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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