USD/JPY 87.17 – 2 December 2009

USD/JPY Open 86.65 High 87.53 Low 86.53 Close 86.67
Dollar/Yen rose sharply on Tuesday after an emergency meeting convened by the BOJ, which raised speculation about bank’s intervention on the market. The currency pair found good support at 86.53 from where it started climbing, closing the day at 86.67. Today’s signals continue to be upwards, towards next target at 87.53. Our short preferable scenario remains upward with objectives towards 88.20. In the longer term, however, the main decreasing scenario remains intact. Important and strong support is the 85.10 level, as seen on the 1 hour chart. Break bellow it will signal for downward trend renewal. Break above the nearest 87.53 resistance might lead to further strengthening of the Dollar. The CCI indicator is in the oversold zone and upwards on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 87.53 88.37 89.16
Technical support levels: 86.53 85.92 85.12

Trading range: 87.05 – 87.40
Trend: Upward
Buy at 87.17 SL 86.87 TP 87.27


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