USD/JPY 81.33 - 1 June 2011

USD/JPY Open 81.41 High 81.77 Low 80.70 Close 81.51

On Tuesday Dollar/Yen sharply rose with over 100 pips, not matching the negative Interbank sentiment at nearly -16%. The currency couple appreciated from 80.70 to 81.77 yesterday, closing the day at 81.51. This morning the Dollar is slightly correctional against the Yen, but moving still within yesterday's range. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is within wider range. Break above yesterday's top and nearest resistance 81.77 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.70, and consistent break bellow it could strengthen the Yen further down towards next target 79.80. There are no major economic events for Japan today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 81.77 82.60 83.51
Technical support levels: 80.70 79.80 79.00

Trading range: 81.45 - 80.80
Trend: Downward
Sell at 81.33 SL 81.63 TP 80.93

Already made +2 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.24 SL 81.50 TP 80.74, exit sent at 5:30 GMT+1.
Total today +102, yesterday +175, as shown in details at