USD/JPY 91.31 – 31 May 2010

USD/JPY Open 90.92 High 91.61 Low 90.71 Close 91.01
Dollar/Yen started a recovering process last week, which slowed down on Friday, in line the Interbank sentiment at nearly -33%. The currency couple depreciated from 91.37 to 90.71 on Friday, closing the week at 91.01. Today the pair resumed rising. Break above today’s peak and nearest resistance 91.61 would support further recovery of the Dollar. Immediate support is Friday’s bottom at 90.71, and consistent break bellow it could strengthen the Yen further towards next objective 89.92. Today was Japan Housing and Construction orders, already passed at 5 GMT. 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 rising, MACD is positive and quiet, while CCI is positive and consolidating on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 91.61 92.60 93.48
Technical support levels: 90.71 89.92 88.27

Trading range: 91.20 – 91.85
Trend: Upward
Buy at 91.31 SL 91.01 TP 91.71

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