USD/JPY 89.15 – 15 December 2009

USD/JPY Open 88.69 High 89.40 Low 88.36 Close 88.58
Dollar/Yen made an unconvincing break of the 89.70 resistance on Friday, therefore bulls ran out of strength and the currency couple started dropping, which continued on Monday, closing the day at 88.58. Signals are expected to be neutral in the short term, but in general the ascending scenario remains intact for the intraday trading. On the 1 hour chart quotes are currently testing the 88.36 support level. Break bellow it may be a serious threat to the bullish outlook and weaken the Dollar further towards 87.76. The bullish perspective will be confirmed only if the upward momentum is strong enough to break above the 89.40 resistance level. The CCI indicator is positive on the 1 hour chart, suggesting insignificant bullish pressure.
Technical resistance levels: 89.40 90.04 90.76
Technical support levels: 88.36 87.76 86.60

Trading range: 89.05 – 89.65
Trend: Upward
Buy at 89.15 SL 88.85 TP 89.55


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