USD/JPY Technical Analysis 1 March 2011

By @ibtimes on

USD/JPY 82.14 - 1 March 2011
USD/JPY Open 81.87 High 82.24 Low 81.61 Close 81.77

On Monday Dollar/Yen increased insignificantly with under 40 pips, not matching the negative Interbank sentiment at nearly -8%. The currency couple appreciated from 81.61 to 81.98 yesterday, closing the day at 81.77. This morning the Yen strengthened further up to 82.24. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart trading is within wide range. Break above today's top and nearest resistance 82.24 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.61, and consistent break bellow it could strengthen the Yen further down towards next target 80.73. Today are Japan Unemployment and Household spending, both at 23:30. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 82.24 83.00 83.91
Technical support levels: 81.61 80.73 79.90

Trading range: 82.25 - 81.60
Trend: Downward
Sell at 82.14 SL 82.44 TP 81.74

Already made +7 pips profit on USD/JPY today from the following signal:
5:35 GMT Buy USD/JPY at 82.16 SL 81.90 TP 82.66, exit sent at 6:04 GMT.
Total today +132, yesterday +114, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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