USD/JPY 81.63 - 1 February 2011
On Monday Dollar/Yen was trading within a 50 pip range, not exactly matching the negative Interbank sentiment at above -67%. The currency couple depreciated from 82.26 to 81.74 yesterday, closing the day at 82.02. Today bears pulled the pair further down to a new low 81.52. On the 1 hour chart new small angle downward channel has formed, while on the 3 hour chart the wide range trading remains. Break above yesterday's top and nearest resistance 82.26 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.52, and consistent break bellow it could strengthen the Yen further down towards next target 80.70. There are no major economic events for Japan today. 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 dropping, MACD is negative and declining too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 82.26 83.12 84.00
Technical support levels: 81.52 80.70 79.86
Sell at 81.63 SL 81.93 TP 81.23
Already made +30 pips profit on USD/JPY today from the following signal:
5:33 GMT Sell USD/JPY at 81.84 SL 82.10 TP 81.34, exit sent at 9:27 GMT.
Total today +154, yesterday +92, as shown in details at http://www.zifx.com/performance.php.