USD/JPY 83.14 - 10 January 2011

USD/JPY Open 83.02 High 83.75 Low 82.84 Close 83.10

On Friday Dollar/Yen traded corrected downwards with around 90 pips, after initial climbing continuation, matching the negative Interbank sentiment at around -47%. The currency couple depreciated from 83.75 to 82.84 on Friday, closing the week at 83.10. This morning trading is hesitant and without clear direction for the time being. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is still within wide range. Break above Friday's top and nearest resistance 83.75 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 82.84, and consistent break bellow it could strengthen the Yen further down towards next target 81.77. Today is Japan Coming of Age Day. Quotes are moving in line with the 20 and bellow 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 83.75 84.60 85.50
Technical support levels: 82.84 81.77 80.90

Trading range: 83.00 - 83.65
Trend: Upward
Buy at 83.14 SL 82.84 TP 83.54

Already made +13 pips profit on USD/JPY today from the following signal:
7:04 GMT Buy USD/JPY at 83.08 SL 82.82 TP 83.58, exit sent at 7:41 GMT.
Total today +116, on Friday +99, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com