USD/JPY Technical Analysis 10 March 2011

By @ibtimes on

USD/JPY 82.82 - 10 March 2011
USD/JPY Open 82.82 High 82.93 Low 82.57 Close 82.72

On Wednesday Dollar/Yen traded within not even 40 pip range, not exactly matching the negative Interbank sentiment at nearly -48%. The currency couple depreciated from 82.93 to 82.57 yesterday, closing the day at 82.72. This morning the Dollar is moving hesitantly against the Yen, within yesterday's range for the time being. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 82.93 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.57, and consistent break bellow it could strengthen the Yen further down towards next target 81.66. There are no major economic events for Japan today. Quotes are moving just above the close 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 82.93 83.76 84.59
Technical support levels: 82.57 81.66 80.80

Trading range: 82.70 - 83.35
Trend: Upward
Buy at 82.82 SL 82.52 TP 83.22

Already made +13 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 82.82 SL 82.56 TP 83.32, exit sent at 7:09 GMT.
Total today +142, yesterday +112, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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