DowntownForex

Technical Analysis USD/JPY – July 13, 2009

By Forex District -

On Friday Dollar/Yen continued descending. The currency couple made a peak at 93.18, than collapsed down to 92.02, closing the week higher at 92.52. The longer the pair stays under 92.50, each upward movement is considered as a normal correction, and our preferable short term scenario for now is descending. The nearest support is today’s bottom at 91.70. Break below this level may lead to further bearish movement towards next objective 90.60. The CCI indicator is in the overbought zone and downwards of the 1 hour chart, suggesting potential descending pressure.
Technical resistance levels: 92.90 94.00 95.35
Technical support levels: 91.70 90.60 89.45

Trading range: 92.15 – 91.55
Trend: Downward

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