USD/JPY Technical Analysis 10 February 2011

By @ibtimes on

USD/JPY 82.64 - 10 February 2011
USD/JPY Open 82.39 High 82.79 Low 82.19 Close 82.34

On Tuesday Dollar/Yen traded within a narrow 50 pip range, not exactly matching the negative Interbank sentiment at over -71%. The currency couple depreciated from 82.67 to 82.19 yesterday, later moving up again, closing the day at 82.34. Today trading Dollar strengthened against the Yen, reaching up to 82.79. On the 1 hour chart trading has moved into a range, while on the 3 hour chart trading is still within a wide range. Break above today's top and nearest resistance 82.79 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.19, and consistent break bellow it could strengthen the Yen further down towards next target 81.40. There are no major economic events for Japan today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.79 83.60 84.51
Technical support levels: 82.19 81.40 80.57

Trading range: 82.50 - 83.15
Trend: Upward
Buy at 82.64 SL 82.34 TP 83.04

Already made +2 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 82.54 SL 82.80 TP 82.04, exit sent at 5:34 GMT.
Total today +111, yesterday +105, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion