USD/JPY 83.48 - 11 February 2011

USD/JPY Open 83.34 High 83.57 Low 82.37 Close 83.20

On Thursday Dollar/Yen increased with around 100 pips, not matching the negative Interbank sentiment at bellow -65%. The currency couple appreciated from 82.37 to 83.39 yesterday, closing the day at 83.20. Today the Dollar rose further against the Yen, climbing up to 83.57. On the 1 hour chart new upward channel is forming, while on the 3 hour chart trading is within a wide range. Break above today's top and nearest resistance 83.57 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.37, and consistent break bellow it could strengthen the Yen further down towards next target 81.50. Today is Japan National Foundation Day. 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 inclining upwards, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.57 84.40 85.36
Technical support levels: 82.37 81.50 80.57

Trading range: 83.35 - 84.00
Trend: Upward
Buy at 83.48 SL 83.18 TP 83.88

Already made +10 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 83.46 SL 83.20 TP 83.96, exit sent at 8:56 GMT.
Total today +124, yesterday +111, as shown in details at