USD/JPY 91.00 – 23 February 2010

USD/JPY Open 91.23 High 91.88 Low 90.85 Close 91.12
BOJ minutes on Tuesday indicated the necessity for subsidiary policies to insure investor’s trust. Dollar/Yen started declining on Monday from the 91.88 top to 91.02, closing the day at 91.12. Today is the the Trade balance for Japan for January at 23:50 GMT. Going above Monday’s top and first resistance at 91.88 may strengthen the Dollar further against the Yen towards next objective 92.78. Break bellow last Thursday’s bottom and first current support at 90.60 may lead to stronger bearish impulse. Quotes are currently bellow the 20 and above the 50 EMA, indicating descending pressure. The RSI indicator is positive and climbing, MACD is negative and quiet, while CCI is negative and rising, giving, overall mixed signals.
Technical resistance levels: 91.88 92.78 93.41
Technical support levels: 90.60 90.11 89.40

Trading range: 91.10 – 90.50
Trend: Downward
Sell at 91.00 SL 91.30 TP 90.60

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