USD/JPY 91.24 – 22 October 2009

USD/JPY Open 90.91 High 91.57 Low 90.50 Close 90.97
On Wednesday Dollar/Yen traded with volatility upwards. On the 3 hour chart the downward channel was broken upwards, indicating failure of the bears and strengthening of the Dollar, which found good support at 88.15, the the lower limit of the bearish channel. Expectations are for further ascending adjustment in the short term, towards next objective 92.65, if the nearest resistance and today’s top at 91.55 is convincingly broken up. The nearest support is yesterday’s bottom at 90.50. Going bellow it may lead to renewal of the downward channel. The CCI indicator is positive on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 91.55 92.65 93.70
Technical support levels: 90.50 89.40 88.45

Trading range: 91.10 – 91.75
Trend: Upward
Buy at 91.24 SL 90.94 TP 91.64

Already made +42 pips profit on USD/JPY today from the following signal:
5:38 GMT+1 Buy USD/JPY at 91.16 SL 90.90 TP 91.66 exited at 8:04 GMT.
Total today +114, yesterday +141, 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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