USD/JPY 85.92 - 11 August 2010

USD/JPY Open 85.36 High 86.21 Low 85.18 Close 85.43

On Tuesday Dollar/Yen lost all Monday's gains, in converse with the positive Interbank sentiment at around +11%. The currency couple depreciated from 86.21 to 85.18 yesterday, closing the day at 85.43. Today movements are hesitant and without clear direction for now. On the 1 hour the downward channel is on hold, and on the 3 hour chart the downward channel is trying to resume. Break above yesterday's top and nearest resistance 86.21 would support further recovery of the Dollar. Immediate support is yesterday's bottom at 85.18, and consistent break bellow it could strengthen the Yen further down towards next target 84.22. Today was Japan BoJ monthly economic report, already passed at 5 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and consolidating, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall slim short signals.
Technical resistance levels: 86.21 87.00 88.11
Technical support levels: 85.18 84.22 83.00

Already made +18 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Sell USD/JPY at 85.31 SL 85.57 TP 84.81 exit sent at 8:20 GMT+1.
Total today +171, yesterday +86, as shown in details at http://www.zifx.com/performance.php.

USD/JPY