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| 9 February 2010 Daily Forecast |
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| Technical Analysis - 9 February 2010
USD/JPY 89.72 - 9 February 2010USD/JPY Open 89.24 High 89.73 Low 89.12 Close 89.23
Dollar/Yen is moving still within the well formed downward channel on the 1 hour chart. This week, the currency couple is trading hesitantly, testing the upper limit of the bearish channel at around 89.73. Persuasive break above that level may lead to direction change and strengthen the Dollar further towards next resistance level 90.50. The closest support is Monday's bottom at 89.11. Going bellow that level would confirm the bearish outlook and may give the bears further advantage towards 91.06. Prices are currently above the 50 and 20 EMA, signaling for possible intraday appreciative adjustment, which is not expected to interrupt the continuation of the bearish trend in the longer term. The RSI indicator is in the overbought zone, MACD is slightly rising, while CCI is also overbought with decline on the 1 hour chart. Overall, indicators give mixed signals for the pair.Technical resistance levels: 89.73 91.06 91.80 Technical support levels: 88.83 88.30 87.39 Already made +7 pips profit on USD/JPY today from the following signal: 5:39 Sell USD/JPY at 89.45 SL 89.71 TP 88.95 exit sent 6:34 GMT. Total today +106, yesterday +193, as shown in details here.  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?
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