USD/JPY 90.26 – 10 March 2010

USD/JPY Open 90.02 High 90.62 Low 89.62 Close 89.95
After some hesitant trading on Monday, yesterday Dollar/Yen traded with a decrease from 90.30 down to 89.62, closing the day at 89.95. From that point the currency couple started adjusting convincingly upwards, and our expectation today are for strengthening of the Dollar to continue. Going above Monday’s peak 90.62 would confirm the bulls’ domination at this time, and appreciating of the pair may continue towards 91.26, which may seriously shake the integrity of the bearish channel on the 3 hour chart. Immediate support is yesterday’s bottom at 89.62. Today’s focus is on Japan’s GDP Q4 at 23:50 GMT. Quotes are currently moving above the 20 and 50 EMA, indicating bullish pressure. The RSI, MACD and CCI indicators are all positive and rising, giving overall long signals.
Technical resistance levels: 90.62 91.26 91.97
Technical support levels: 89.62 88.87 88.04

Trading range: 90.15 – 90.80
Trend: Upward
Buy at 90.26 SL 89.96 TP 90.66

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