USD/JPY 90.20 – 3 November 2009

USD/JPY Open 90.39 High 90.65 Low 89.16 Close 90.23
On Monday Dollar/Yen made a significant upward movement, after reaching the 89.16 bottom, as expected. On the 3 hour chart the descending channel was broken again upwards with very strong impulse, indicating bulls domination. The signals are expected to be bullish in the short term with objectives towards yesterday’s top and immediate resistance 89.15. However, the CCI indicator is in the overbought zone and downwards on the 1 hour chart, so be careful for potential downward rebound with possible testing of the 89.15 support. Break bellow this area may seriously shake the bullish perspectives.
Technical resistance levels: 90.65 91.60 92.80
Technical support levels: 89.15 88.00 87.05

Trading range: 90.30 – 89.70
Trend: Downward
Sell at 90.20 SL 90.50 TP 89.80

Already made +28 pips profit on USD/JPY today from the following signal:
5:38 GMT+1 Sell USD/JPY at 90.25 SL 90.51 TP 89.75 exited at 7:45 GMT.
Total today +155, yesterday +165, 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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