USD/JPY 91.19 – 30 October 2009

USD/JPY Open 91.50 High 91.60 Low 90.25 Close 91.48
On Thursday Dollar/Yen continued reached a bottom at 90.25, from where corrected sharply upwards to the 91.60 top, closing the day at 91.48. After failing to break above the 91.60 resistance zone, today the currency pair continued descending. Yesterday the currency couple broke down the bullish channel on the 3 hour chart, indicating stronger bears. Our expectations are bearish for now with objectives towards yesterday’s bottom and nearest support 90.25. If, however, the above resistance is broken up, the bearish outlook might be shaken again. The CCI indicator is in the overbought zone and downwards to the 100 line on the 1 hour chart, suggesting a downward outlook.
Technical resistance levels: 91.60 92.80 94.00
Technical support levels: 90.25 89.00 87.85

Trading range: 91.30 – 90.65
Trend: Downward
Sell at 91.19 SL 91.49 TP 90.79

Already made +28 pips profit on USD/JPY today from the following signal:
5:36 GMT+1 Sell USD/JPY at 91.11 SL 91.37 TP 90.61 exited at 6:42 GMT.
Total today +138, yesterday +94, 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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