USD/JPY 93.07 – 13 May 2010

USD/JPY Open 93.18 High 93.63 Low 92.49 Close 93.26
Dollar/Yen traded with an increase on Wednesday, in converse the Interbank sentiment at nearly -10%. Yesterday the currency couple appreciated from 93.49 to 93.27, closing the day at 93.26. Today the currency couple continued climbing to 93.63, from where is turned downwards, indicating uncertain direction. Break above the nearest 93.63 resistance and today’s top would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 92.49, and consistent break bellow it could strengthen the Yen further towards next target 91.51. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and calm, while CCI is negative and dropping on the 1 hour chart, giving overall short signals.

Technical resistance levels: 93.63 94.92 96.00
Technical support levels: 92.49 91.51 90.11

Trading range: 93.20 – 92.55
Trend: Downward
Sell at 93.07 SL 93.37 TP 92.67

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