USD/JPY 91.83 – 14 January 2010

USD/JPY Open 91.34 High 92.03 Low 90.94 Close 91.38
Dollar/Yen continued climbing on Wednesday insignificantly, as expected, from 90.94 to the 91.52, closing the day at 91.38. Signals are expected to remain upwards in the short term, as a new small ascending channel is formed on the 15 minutes chart. However, in the longer term, we still have a downward trend formed on the daily chart. Currently quotes are testing the upper limit of that channel at 92.03. Going above that key resistance level may seriously shake the bearish perspective and strengthen the Dollar further against the Yen towards 92.67. Immediate support is yesterday’s bottom at 90.94. RSI, MACD and CCI indicators are all positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 92.03 92.82 93.70
Technical support levels: 90.94 90.12 89.23

Trading range: 91.70 – 92.35
Trend: Upward
Buy at 91.83 SL 91.53 TP 92.23


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