USD/JPY 91.04 – 24 March 2010

USD/JPY Open 90.38 High 91.29 Low 89.86 Close 90.44
Dollar/Yen is still trading within the 88.18 – 91.98 range on the 3 hour chart, while on the 1 hour chart the narrower range was broken upwards. On Tuesday the currency couple continued the climbing which started on Monday, which slight upward movement of around 40 pips, in converse with the negative bank sentiment at around -47%, closing the day at 90.44. Today the Dollar sharply rose up to 91.29, forming new resistance level there. Break above that peak would confirm bull’s domination at this stage. In the medium term our expectations are neutral till we get clear break out of the above mentioned range. Immediate support is Monday’s bottom at 89.86, and only consistent break bellow it will give the Yen some advance. There are no major economic events for Japan today. Quotes are currently moving way above the 20 and 50 EMA on the 1 hour chart, indicating bullish market. The RSI and CCI indicators are positive and slightly declining, while MACD is positive and rising on the 1 hour chart, giving overall long signals.
Technical resistance levels: 91.29 92.05 92.88
Technical support levels: 89.86 88.61 87.78

Trading range: 90.90 – 91.45
Trend: Upward
Buy at 91.04 SL 90.74 TP 91.44

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