USD/JPY 90.85 – 15 January 2010

USD/JPY Open 91.27 High 92.03 Low 90.64 Close 91.21
Dollar/Yen ascended on Thursday up to the 92.03 top, from where it started dropping down to 90.85, closing the day at 91.21. Today’s bottom at 90.64 appears to be a good support at this stage, and we will be looking for a convincing brake down to confirm continuation of the bearish trend, with next objectives towards 89.80, followed by 89.02. Signals are expected to remain bearish for now, and only climb above the nearest resistance and yesterday’s top at 92.03 may shake the descending outlook and turn the trend upwards. On the 3 hour chart USD/JPY is moving within the 2 moving averages 90.79 and 93.60, which still gives opportunity for range trading. Stochastik, CCI MACD indicators show descending pressure, which signals for possible shorts.
Technical resistance levels: 92.03 92.82 93.70
Technical support levels: 90.64 89.80 89.02

Trading range: 90.95 – 90.35
Trend: Downward
Sell at 90.85 SL 91.15 TP 90.45

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