USD/JPY Technical Analysis 7 September 2010

USD/JPY 83.98 - 7 September 2010

On Monday Dollar/Yen decreased insignificantly with nearly 50 pips, in line with the negative Interbank sentiment at nearly -79%. The currency couple depreciated from 84.49 to 84.07 yesterday, closing the day at 84.21. Today the trading is hesitant with unclear direction for now. On the 1 hour chart the trading is back within wide range, while on the 3 hour chart the downward channel is trying to resume. Break above yesterday's top and nearest resistance 84.49 would embolden further recovery of the Dollar. Immediate support is today's bottom at 84.05, and consistent break bellow it could strengthen the Yen further down towards next target 83.00. Today are Japan BoJ meeting announcement, Leading and Coincident indicators, Current account, Trade balance, Machinery orders and M2+CDs money supply at 3:30, 5 and 23:50 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 84.49 85.35 86.46
Technical support levels: 84.05 83.00 82.52

Already made +42 pips profit on USD/JPY today from the following signal:
5:34 GMT+1 Sell USD/JPY at 84.15 SL 84.41 TP 83.65 exit sent at 8:33 GMT+1.
Total today +140, yesterday +97, as shown in details at http://www.zifx.com/performance.php.