USD/JPY 93.42 – 28 April 2010

USD/JPY Open 93.18 High 94.01 Low 92.83 Close 93.25
Dollar continued depreciating against the Yen on Tuesday, in line with the Interbank sentiment at around -10%. Yesterday the currency couple decreased from 94.01 to 92.83, closing the day at 93.25. The currency couple today is trying to resume climbing. Break above the nearest 94.01 resistance and yesterday’s top would support further bullish outlook. Immediate support is yesterday’s bottom at 92.83, and consistent break bellow it could strengthen the Yen further towards next objective 91.60. There are no major economic events today for Japan. Quotes are moving just above the 20 and 50EMA on the 1 hour chart, indicating slim bullish pressure. The values of the RSI, MACD and CCI indicators are all positive and rising on the 1 hour chart, giving overall long signals.

Technical resistance levels: 94.01 95.00 95.89
Technical support levels: 92.83 91.60 90.73

Trading range: 93.30 – 93.95
Trend: Upward
Buy at 93.42 SL 93.12 TP 93.82

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