USD/JPY 90.84 – 4 November 2009
USD/JPY Open 90.42 High 91.01 Low 89.88 Close 90.32
On Tuesday Dollar/Yen made an increasing movement, as expected, from the 89.88 bottom, up to the 90.55 top, closing the day at 90.32. Our expectations remain bullish for now, and the longer the currency couple remains above Monday’s bottom and key 89.50 level, our preferable scenario would be upwards. Important resistance at this stage is 92.25, as seen on the 3 hour chart. Any break above that line may strengthen the Dollar further against the Yen and seriously threaten the downward channel. The nearest support is yesterday’s bottom 89.90, the convincing break of which should put the pair back on the downhill track. The CCI indicator is in the oversold zone and upwards on the 1 hour chart, signaling for strong bulls.
Technical resistance levels: 91.00 92.25 93.10
Technical support levels: 89.90 88.85 87.95
Trading range: 90.70 – 91.35
Buy at 90.84 SL 90.54 TP 91.24
Already made +50 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Buy USD/JPY at 90.30 SL 90.04 TP 90.80 TP reached at 8:37 GMT.
Total today +156, yesterday +155, 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.
Written by iFOREX.bg