USD/JPY 89.98 – 13 November 2009

USD/JPY Open 90.28 High 90.58 Low 89.63 Close 90.36
On Thursday Dollar/Yen traded hesitantly, rising in the second half of the day as Dollar gained across the board. After quotes made unconvincing break down of 89.30 on the 3 hour chart, the currency couple bounced up, finding resistance at 90.58, closing the day at 90.36. Although technically signals are expected to remain downward, the high volatility market should warn us to be careful. We need a consistent break bellow the strong support 88.19 to confirm the bearish scenario toward next objective 87.44. In upward direction, if the above resistance can hold the bulls, bearish scenario should remain intact. The CCI indicator is negative on the 1 hour chart, suggesting further descending movements.
Technical resistance levels: 90.58 91.67 92.73
Technical support levels: 89.63 88.55 87.44

Trading range: 90.10 – 89.45
Trend: Downward
Sell at 89.98 SL 90.28 TP 89.58

Already made +22 pips profit on USD/JPY today from the following signal:
5:44 GMT+1 Buy USD/JPY at 90.19 SL 89.93 TP 90.69 exited at 6:52 GMT.
Total today +118, yesterday +103, 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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