USD/JPY 91.12 – 28 May 2010

USD/JPY Open 90.89 High 91.41 Low 89.92 Close 91.05
Dollar/Yen started a recovering process this week, with stronger upward impulse on Thursday, in converse the Interbank sentiment at around -33%. The currency couple appreciated from 89.92 to 91.08 yesterday, closing the day at 91.05. Today the pair continued rising. Break above today’s peak and nearest 91.41 resistance would support further recovery of the Dollar. Immediate support is yesterday’s bottom at 89.92, and consistent break bellow it could strengthen the Yen further towards next objective 88.27. 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 value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 91.41 91.87 92.81
Technical support levels: 89.92 88.27 87.58

Trading range: 91.00 – 91.65
Trend: Upward
Buy at 91.12 SL 90.82 TP 91.52

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