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12 March 2010 Daily Forecast

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Technical Analysis - 12 March 2010

USD/JPY 90.47 - 12 March 2010

USD/JPY Open 90.64 High 90.80 Low 90.17 Close 90.50

On Thursday Yen weakened insignificantly against the Dollar on BoJ policy easing speculation. The currency couple rose from 90.22 up to 90.71, although Industry sentiment remained negative at nearly -70%, closing the day at 90.50. On the 3 hour chart the bearish channel remains intact and our anticipations are for the Dollar to continue strengthening in the short term. Going above Wednesday's peak 90.80 may bring threat to the bullish outlook, and correctional movements may deepen further towards 91.76, followed by 92.67. Break bellow Tuesday's bottom at 89.62 should extend the depreciating impetus towards next target downwards 88.87. There are no economic events today for Japan except for the Industrial production already passed at 4:30. Quotes are currently moving bellow the 20 and 50 EMA, indicating slight bearish pressure. The RSI indicator is negative and rising, MACD is negative and calm, while CCI is neutral with significant decline, giving overall short signals.
Technical resistance levels: 90.80 91.76 92.67
Technical support levels: 90.17 89.62 88.87

Trading range: 90.60 - 89.95
Trend: Downward
Sell at 90.47 SL 90.77 TP 90.07

Already made +21 pips profit on USD/JPY today from the following signal:
5:39 Sell USD/JPY at 90.61 SL 90.87 TP 90.11 exit sent 9:20 GMT.
Total today +189, yesterday +94, as shown in details here.

Previour Analysis can be found HERE.

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Disclaimer: Our technical analysis are free. They are not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view. The analysis are updated around 6:00-15, 9:00-15 and 11:00-15 GMT ±1 hour, for the EUR/USD, GBP/USD and USD/JPY respectively. By viewing our analyses you agree to our terms. Are technical analysis a trading signal?