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USD/JPY Technical Analysis 6 January 2009

By:

iForex.bg

2009-06-01

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USD/JPY 92.96 - 6 January
USD/JPY Open 93.22 High 94.03 Low 91.84 Close 93.40

Yesterday Dollar/Yen made another increasing movement as expected. The currency couple reached the long term targets 92.80 and 93.40, even reached a higher top at 93.57. We have a formed bullish price channel on the one hour chart. The signals remain upward, but the four hour CCI indicator is already in overbought zone and downwards, signaling for a potential decreasing correction scenario, and testing of the support levels 92.85 and 92.15. Immediate resistance is yesterday's top at 93.57. Break at that level could lead to another rise towards the region of 94.60.
Technical resistance levels: 94.60 95.55 96.80
Technical support levels: 92.85 92.15 91.00

Trading range: 93.75 - 94.40
Trend: Upward
Buy at 93.88 SL 93.58 TP 94.28

Already made +8 pips profit on USD/JPY today from the following signal:
5:50 GMT Buy USD/JPY at 93.07 SL 92.81 TP 93.57 exited at 5:56 GMT.
Total today +172, yesterday +114, as shown in details at our web site.

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iFOREX.bg provides online forecasts and real time trading signals for the four major trading currency pairs: EUR/USD, USD/JPY, GBP/USD and USD/CHF with entry and exit positions directly to our customers. With our team of professional analyzers, marketing strategists, dealers and traders, we build ...

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