USD/JPY 92.56 – 26 March 2010

USD/JPY Open 92.51 High 92.93 Low 91.76 Close 92.68
Decrease in Consumer prices continued pushing Dollar/Yen up on Thursday, in line with the positive bank sentiment at nearly 19%. The currency couple climbed from 91.76 to 92.93 yesterday, closing the day at 92.68. 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 U.S. GDP Q4 at 12:30 GMT. Quotes are currently moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating slight bearish market. The RSI indicator is negative and declining, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 92.93 94.00 94.80
Technical support levels: 91.76 90.40 89.61

Trading range: 92.70 – 92.05
Trend: Downward
Sell at 92.56 SL 92.86 TP 92.16

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