USD/JPY 85.92 - 10 August 2010

USD/JPY Open 85.90 High 86.04 Low 85.29 Close 85.92

Dollar/Yen corrected upwards on Monday, in converse with the negative Interbank sentiment at nearly -9%. The currency couple appreciated from 86.04 to 85.99 yesterday, closing the day at 85.92. Today bears are trying to resist and return the pair in the downward track, but efforts are unconvincing for now. On the 1 hour quotes are testing the upper limit of the the downward channel, and on the 3 hour chart the downward channel is intact. Break above today's top and nearest resistance 86.04 would support further recovery of the Dollar. Immediate support is yesterday's bottom at 85.29, and consistent break bellow it could strengthen the Yen further down towards next target 84.22. Today are the Japan BoJ meeting announcement, Machinery orders, and Corporate goods at 3:30 and 23:50 GMT respectively. Quotes are moving just above bellow the 20 and above the 50 EMA on the 1 hour chart, indicating slim short term bullish and medium term bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 86.04 87.00 88.11
Technical support levels: 85.29 84.22 83.00

Already made +20 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Sell USD/JPY at 85.84 SL 86.10 TP 85.34 exit sent 8:52 GMT+1.
Total today +86, yesterday +91, as shown in details at http://www.zifx.com/performance.php.

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