USD/JPY 91.49 – 20 May 2010

USD/JPY Open 91.55 High 92.10 Low 90.87 Close 91.69
Dollar/Yen traded with an insignificant decrease on Wednesday, in line the Interbank sentiment at around -23%. The currency couple depreciated from 92.10 down to 91.02, closing the day at 91.69. Today the pair is making further hesitant descending efforts. Break above the nearest 92.10 resistance and yesterday’s top would support further recovery of the Dollar. Immediate support is today’s bottom at 90.87, and consistent break bellow it could strengthen the Yen further towards next objective 89.62. There are no major economic events for Japan today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI and MACD indicators are negative and inclining slightly upwards, while CCI has stays under the 100 line on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 92.10 92.00 92.93
Technical support levels: 90.87 89.62 88.80

Trading range: 91.60 – 90.95
Trend: Downward
Sell at 91.49 SL 91.79 TP 91.09

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