USD/JPY Still Neutral on 21 June 2011

By @ibtimes on

USD/JPY Open 80.23 High 80.37 Low 79.98 Close 80.24 Now 80.26

On Monday Dollar/Yen traded within narrow 40 pip range, not matching the positive Interbank sentiment at nearly +12%. The currency couple appreciated from 79.98 to 80.37 yesterday, closing the day at 80.24. This morning the Dollar continues to trade quietly against the Yen, and within yesterday's range. On the 1 hour chart trading has moved into a range, while on the 3 hour chart quotes are moving within wider trading range. Break above yesterday's top and nearest resistance 80.37 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.98, and consistent break bellow it could strengthen the Yen further down towards next target 79.10. Today was Japan All industry index at 4:30 GMT. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is thinly negative and hesitant, MACD is thinly negative and tranquil, while CCI is almost in line with the 100 line on the 1 hour chart, giving overall neutral light short signals.
Technical resistance levels: 80.37 81.20 82.09
Technical support levels: 79.98 79.10 78.27

Trading range: 80.35 - 79.70
Trend: Downward
Sell at 80.23 SL 80.53 TP 79.83

Already made +1 pips profit on USD/JPY today from the following signal:
5:31 GMT+1 Sell USD/JPY at 80.13 SL 80.39 TP 79.63, exit sent at 5:45 GMT+1.
Total today +107, yesterday +123, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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