USD/JPY 88.93 – 20 November 2009

USD/JPY Open 88.92 High 89.44 Low 88.64 Close 88.95
Dollar/Yen made an indecisive movement on Thursday, forming divergence on the 3 hour chart, than continued descending from the 89.44 top, closing the day at 88.95. On the 1 hour chart quotes made unconvincing break above 89.40, which indicates bulls’ weakness. Therefore our preferable scenario for now is downwards. Middle term expectations are neutral. Only significant break over 89.45 may be considered as a potential threat to the bearish scenario, and possible trigger bullish impulse towards 90.65. The nearest support is yesterday’s bottom 88.65. Going bellow that level might strengthen the bears further with goals towards 87.55. The CCI indicator is neutral on the 1 hour chart, suggesting calm intraday trading.
Technical resistance levels: 89.45 90.65 91.78
Technical support levels: 88.65 87.55 86.30

Trading range: 89.05 – 88.40
Trend: Downward
Sell at 88.93 SL 89.33 TP 88.53

Already made +24 pips profit on USD/JPY today from the following signal:
5:40 GMT+1 Sell USD/JPY at 88.92 SL 89.18 TP 88.42 exited at 6:40 GMT.
Total today +139, yesterday +192, 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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