USD/JPY 83.63 - 10 December 2010

USD/JPY Open 83.82 High 84.10 Low 83.50 Close 83.73

On Thursday Dollar/Yen traded continued hesitantly and within 60 pip range. The currency couple depreciated from 84.10 to 83.50 yesterday, closing the day at 83.73. Today Dollar is showing weakness, but pair is moving still within yesterday's range. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is on hold. Break above yesterday's top and nearest resistance 84.10 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.50, and consistent break bellow it could strengthen the Yen further down towards next target 82.65. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is thinly negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 84.10 84.94 85.77
Technical support levels: 83.50 82.65 81.81

Trading range: 83.75 - 83.10
Trend: Downward
Sell at 83.63 SL 83.93 TP 83.23

Already made +8 pips profit on USD/JPY today from the following signal:
5:33 GMT Buy USD/JPY at 83.67 SL 83.41 TP 84.17, exit sent at 8:07 GMT.
Total today +48, yesterday +173, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com