Technical Analysis Daily

USD/JPY 94.07 - 1 December

USD/JPY Open 95.31 High 97.37 Low 94.72 Close 95.45

In November Dollar/Yen consolidated, and failed to develop significant decrease after a month earlier it reached its minimum level since 1995. Last week the currency couple also consolidated, but did not develop significant descending movement could not be achieved. On the weekly chart the descending pressure continues to remain strong, while the pair is under 99.00. On the daily chart the currency pair remains under descending pressure. After reaching the minimum level since 1995 the couple corrected, but could not develop any growth. It seems the couple moves in range between 95.95 and 95.00. The risk of downward movement continuation remains high enough, and strengthening under the support 93.45 would signal for decrease. Going above 96.00 may provoke growth.

Technical resistance levels: 95.30 96.45 97.85
Technical support levels: 93.45 92.50 91.40

Trading range: 94.20 - 93.95
Trend: Downward
Sell at 94.07 SL 94.37 TP 93.67

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