USD/JPY 92.64 – 18 May 2010

USD/JPY Open 92.54 High 92.93 Low 91.77 Close 92.57
Dollar/Yen traded within a range on Monday, in converse the Interbank sentiment at around -27%. Yesterday the currency couple depreciated to 93.00, from where it rose to 92.64, closing the day at 92.77. Today the pair started climbing. Break above the nearest 92.93 resistance and today’s peak would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 91.77, and consistent break bellow it could strengthen the Yen further towards next target 91.00. There are no major economic events for Japan today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of the RSI and CCI indicators are positive and declining, while MACD is positive and dovish on the 1 hour chart, giving overall long signals.

Technical resistance levels: 92.93 93.81 94.92
Technical support levels: 91.77 91.00 90.11

Trading range: 92.50 – 93.15
Trend: Upward
Buy at 92.64 SL 92.34 TP 93.04

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