USD/JPY 80.12 - 10 June 2011

USD/JPY Open 80.28 High 80.47 Low 79.83 Close 80.33

On Wednesday Dollar/Yen increased insignificantly with 70 pips, not matching the negative Interbank sentiment at almost -11%. The currency couple appreciated from 79.83 to 80.47 yesterday, closing the day at 80.33. This morning the Dollar is trading down and up against the Yen, but movements are within yesterday's range for the time being. On the 1 hour chart the downward channel looks good, while on the 3 hour chart trading is testing the lower limit of the wider trading range. Break above yesterday's top and nearest resistance 80.47 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.83, and consistent break bellow it could strengthen the Yen further down towards next target 78.70. There are no major economic events for Japan today. Quotes have just crossed up the 20 and 50 EMA on the 1 hour chart, indicating bullish impulse. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 80.47 81.33 82.18
Technical support levels: 79.83 78.70 77.59

Trading range: 79.95 - 80.60
Trend: Upward
Buy at 80.06 SL 79.76 TP 80.46

Already made +19 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 80.15 SL 80.41 TP 79.65, exit sent at 9:28 GMT+1.
Total today +146, yesterday +99, as shown in details at