USD/JPY 84.65 - 11 April 2011

USD/JPY Open 85.04 High 85.40 Low 84.53 Close 84.69

On Friday Dollar/Yen decreased slightly with 75 pips, matching the negative Interbank sentiment at nearly -37%. The currency couple depreciated from 85.40 to 84.64 on Friday, closing the week at 84.69. This morning the Dollar weakened further against the Yen, dropping down to 84.53. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart new upward channel has emerged. Break above Friday's top and nearest resistance 85.40 would encourage further recovery of the Dollar. Immediate support is today's bottom at 84.53, and consistent break bellow it could strengthen the Yen further down towards next target 83.70. Today are Japan M2+CDs money supply and BoJ meeting minutes, both at 23:50 GMT. Quotes are moving bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 85.40 86.36 87.21
Technical support levels: 84.53 83.70 82.56

Trading range: 84.75 - 85.15
Trend: Downward
Sell at 84.65 SL 84.95 TP 84.25

Already made +22 pips profit on USD/JPY today from the following signal:
5:31 GMT+1 Buy USD/JPY at 84.66 SL 84.40 TP 85.16, exit sent at 8:27 GMT+1.
Total today +63, on Friday +113, as shown in details at http://www.zifx.com/performance.php.

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