USD/JPY 91.00 – 16 October 2009

USD/JPY Open 90.65 High 91.27 Low 89.31 Close 90.54
On Thursday Dollar/Yen made a significant ascending movement. On the 3 hour chart the downward channel was broken upwards and quotes now move above 90.60. Our preferable scenario for now is bullish with objective towards 91.50, followed by 92.50. Key support is represented by the 90.50 level. Break under it might strengthen the Yen and lead to renewal of the descending channel. Our preferable scenario for now is ascending, with targets towards 92.25. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 91.30 92.25 93.40
Technical support levels: 89.30 88.25 87.35

Trading range: 90.90 – 91.50
Trend: Upward
Buy at 91.00 SL 90.70 TP 91.40

Already made +23 pips profit on USD/JPY today from the following signal:
5:39 GMT+1 Buy USD/JPY at 90.75 SL 90.49 TP 91.25 exited at 7:43 GMT.
Total today +163, yesterday +101, 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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