USD/JPY 90.41 – 11 March 2010

USD/JPY Open 90.50 High 90.80 Low 89.62 Close 90.47
On Wednesday Dollar/Yen continued climbing from 89.94 up to 90.80, closing the day at 90.47. On the 3 hour chart the bearish channel remains intact and our expectation are for the bears’ domination to continue in the medium term, but in the short term appreciation is anticipated. Going above yesterday’s peak 90.80 may bring threat to the bearish projection, and adjusting of the pair may deepen further towards 91.76, followed by 92.67. Break bellow yesterday’s bottom at 89.62 should extend the decreasing impetus down towards next objective 88.87. There are no economic events today for Japan. Quotes are currently moving above the 50 and just above the 20 EMA, indicating slight bullish pressure. The RSI indicator is positive and declining, MACD is neutral and calm, while CCI is neutral with insignificant decline, giving overall mixed signals.
Technical resistance levels: 90.80 91.76 92.67
Technical support levels: 89.62 88.87 88.04

Trading range: 90.30 – 90.95
Trend: Upward
Buy at 90.41 SL 90.11 TP 90.81

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