USD/JPY 83.07 - 11 January 2011
On Monday Dollar/Yen corrected downwards with almost 70 pips as part of Dollar strengthening around the board, matching the negative Interbank sentiment at around -47%. The currency couple depreciated from 83.33 to 82.65 yesterday, closing the day at 82.69. This morning pair recovered partially, but it is still trading within yesterday's range. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 83.33 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.65, and consistent break bellow it could strengthen the Yen further down towards next target 81.77. Today are Japan Leading and Coincident indicators composite index, Current account, Trade balance and M2+CDs money supply, at 5 and 23:50 GMT respectively. 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 neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.33 84.20 85.11
Technical support levels: 82.65 81.77 80.90
Buy at 83.07 SL 82.77 TP 83.47
Already made +10 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 83.07 SL 82.81 TP 83.57, exit sent at 7:52 GMT.
Total today +93, yesterday +116, as shown in details at http://www.zifx.com/performance.php.