USD/JPY 91.79 – 25 March 2010

USD/JPY Open 92.03 High 92.40 Low 90.40 Close 92.17
On Wednesday Dollar/Yen made a breake up of the 88.18 – 91.98 range on the 3 hour chart. The currency couple climbed 200 pips with very strong impulse yesterday, in converse with the negative bank sentiment at around -47%, closing the day at 92.17. Today Dollar is trading hesitantly against the Yen. Break above the new resistance at 92.40 would confirm the bullish outlook for now. The medium term may also turn from neutral to bullish if we see further advancing of the Dollar. Immediate support is yesterday’s bottom at 90.40, and only consistent break bellow it would give the Yen partial recovery. Today’s focus is on Japan’s Nationwide and Tokyo CPI at 23:30 GMT. Quotes are currently moving way above the 50 and just crossing with the 20 EMA on the 1 hour chart, indicating slight bullish market. The RSI indicator is negative and declining, MACD is positive and dovish, while CCI is neutral and calm on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 92.40 93.05 93.90
Technical support levels: 90.40 89.61 88.72

Trading range: 90.65 – 91.30
Trend: Upward
Buy at 91.79 SL 90.49 TP 92.19

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