USD/JPY 89.39 – 26 February 2010

USD/JPY Open 89.26 High 90.30 Low 88.84 Close 89.04
Dollar/Yen continued depreciating on Thursday from the 90.30 top, down to the 88.84 bottom, closing the day at 89.04. The Dollar showed weakness against the Yen this week as seen on the 1 hour chart. On the 3 hour chart the currency couple may continue declining, if we see convincing break bellow yesterday’s bottom and nearest support at 88.84. There are no economic events today, besides the housing and construction orders already passed in the morning, but the US GDP Q4 at 13:30 GMT may influence the movements of the pair. First resistance is yesterday’s peak at 90.30, the break up of which may strengthen the bulls further towards 91.27. Quotes are currently bellow the 50 and just above the 20 EMA, indicating neutral to slightly descending pressure. The RSI indicator is positive and inclining upwards, MACD is neutral, while CCI is neutral and dovish, giving overall neutral signals.
Technical resistance levels: 90.30 91.27 92.15
Technical support levels: 88.84 88.09 87.34

Trading range: 89.50 – 88.85
Trend: Downward
Sell at 89.39 SL 89.69 TP 88.99

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