USD/JPY 88.93 – 24 November 2009

USD/JPY Open 88.92 High 89.18 Low 88.57 Close 88.95
Dollar/Yen has been moving within the 88.57 – 89.18 range on Monday and today, indicating consolidation. The pair dropped on Monday first to the 89.57 bottom, from where rose up to the 89.18 top, closing the day at 88.95. Today, however, the currency couple has renewed the down trend and if a convincing break is made bellow the nearest support 88.20, our preferable scenario will be bearish. In the medium term signals are still neutral and good strategy would be to buy around above bottom and sell around above top levels. Breach of any range limit would give us clearer movement direction. The CCI indicator is neutral on the 1 hour chart, suggesting calm intraday trading.
Technical resistance levels: 89.20 90.30 91.50
Technical support levels: 88.55 87.45 86.30

Trading range: 88.45 – 89.10
Trend: Upward
Buy at 88.57 SL 88.3273 TP 88.97

Already made +23 pips profit on USD/JPY today from the following signal:
5:40 GMT+1 Sell USD/JPY at 88.86 SL 89.12 TP 88.36 exited at 7:45 GMT.
Total today +173, 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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