USD/JPY Technical Analysis 10 May 2011

By @ibtimes on

USD/JPY 80.74 - 10 May 2011

USD/JPY Open 80.24 High 80.88 Low 80.15 Close 80.34

On Monday Dollar/Yen is trading within a 70 pip range this week, not matching the negative Interbank sentiment at bellow -54%. The currency couple depreciated from 80.84 to 80.17 yesterday, closing the day at 80.34. This morning the Dollar recovered against the Yen, rising even higher to 80.88. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart new downward channel has emerged. Break above today's top and nearest resistance 80.88 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.15, and consistent break bellow it could strengthen the Yen further down towards next target 79.32. There are no major economic events for Japan today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 80.88 81.80 82.72
Technical support levels: 80.15 79.32 78.50

Trading range: 80.85 - 80.20
Trend: Downward
Sell at 80.74 SL 81.04 TP 80.34

Already made +4 pips profit on USD/JPY today from the following signal:
5:31 GMT+1 Sell USD/JPY at 80.40 SL 80.66 TP 79.90, exit sent at 5:35 GMT+1.
Total today +164, yesterday +88, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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