USD/JPY 92.28 – 11 January 2010

USD/JPY Open 93.44 High 93.75 Low 92.10 Close 92.57
Dollar/Yen made a significant bearish movement on Friday from 93.62 down to 92.35, closing the week at 92.57. On the 1 hour chart the currency couple is moving hesitantly, leaning upwards, while on the 3 hour chart the upward trend is very clear. Climbing above the key resistance and last Thursday’s top at 93.72 should confirm the potential of the Dollar to rise further towards next target 94.62 against the Yen, in the short term term. The nearest support is today’s bottom at 92.18. Break below it may trigger weaken the currency couple further, with possible testing of 92.00. Immediate resistance is 92.75, the penetration of which may renew the bullish trend with objectives towards the 93.72 top, followed by 94.55. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 92.75 93.72 94.55
Technical support levels: 92.18 91.31 90.49

Trading range: 92.15 – 92.80
Trend: Upward
Buy at 92.28 SL 91.98 TP 92.68


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