USD/JPY 91.29 – 28 October 2009

USD/JPY Open 91.65 High 92.32 Low 90.93 Close 91.76
Dollar/Yen tried to climb on Tuesday, but failed to break up the key resistance at 92.32, dropping later down to 91.60, and closing the day at 91.76, indicating reversal bearish trend. 90.93 remains a strong support today. Convincing break under that level may seriously shake the upward scenario and lead to turn around. If the nearest resistance 92.32 is penetrated upwards, however, the bullish channel may get in shape again. The CCI indicator is in the overbought zone and downward on the 1 hour chart, signaling for a potential exhaustion of the bulls and downward pressure.
Technical resistance levels: 92.30 93.50 94.55
Technical support levels: 90.90 89.80 88.85

Trading range: 91.40 – 90.75
Trend: Downward
Sell at 91.29 SL 91.59 TP 90.89

Already made +25 pips profit on USD/JPY today from the following signal:
5:41 GMT+1 Sell USD/JPY at 91.17 SL 91.43 TP 90.67 exited at 9:21 GMT.
Total today +163, yesterday +116, 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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