Technical Analysis Daily: USD/JPY

USD/JPY 95.47

USD/JPY Open 96.67 High 97.39 Low 94.99 Close 95.73

Following the upward adjustment on Tuesday, the Dollar/Yen continued its bearish scenario. The currency couple made a bottom yesterday at 95.67 and closed slightly higher at 95.73. At the the one hour chart you can see formed trading range, which earlier this morning was penetrated downwards, therefore our model for this currency pair remains descending. Immediate resistance is 96.35. The nearest support is seen in 95.00 followed by 94.20. Break upwards may cause a further upward adjustment. The CCI indicator is heading towards breaking the 100 line upwards on the one hour chart, so be careful for potential upward adjustment.

Technical resistance levels: 96.35 97.20 98.75
Technical support levels: 95.00 94.20 93.40

Trading range: 95.60 - 94.95

Trend: Downward

Sell at 95.47 SL 95.77 TP 95.07

iFOREX.bg Forecasts and Trading Signals
http://www.zifx.com