USD/JPY 90.13 – 5 November 2009

USD/JPY Open 90.68 High 91.09 Low 90.08 Close 90.71
Dollar/Yen climbed on Wednesday from the 90.08 bottom to the 91.09 top, closing theday at 90.71. The currency couple formed divergence on the 3 hour chart. The 92.25 resistance was broken up on 26 Oct, indicating forming of a bullish channel. However, even if the USD/JPY may be holding within an ascending channel, downward movement will not come unexpected, as the couple is in unclear trend zone. Our possible descending scenario will be confirmed if the Dollar breaks down the nearest support at 90.10 against the Yen. The nearest resistance is yesterday’s to at 91.10. Crossing above this level might lead to increasing impulse. The CCI indicator is negative on the 1 hour chart, indicating bearish pressure.
Technical resistance levels: 91.10 92.25 93.10
Technical support levels: 90.10 88.90 87.95

Trading range: 90.00 – 90.65
Trend: Upward
Buy at 90.13 SL 89.83 TP 90.53

Already made +10 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Buy USD/JPY at 90.43 SL 90.17 TP 90.93 exited at 5:41 GMT.
Total today +75, yesterday +156, 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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