USD/JPY Technical Analysis 11 March 2011

By @ibtimes on

USD/JPY 82.27 - 11 March 2011
USD/JPY Open 82.87 High 83.30 Low 82.07 Close 82.95

On Thursday Dollar/Yen traded renewed increasing insignificantly with almost 60 pips, not matching the negative Interbank sentiment at bellow -42%. The currency couple appreciated from 82.69 to 83.17 yesterday, closing the day at 82.95. This morning the Dollar strengthened further against the Yen after the 8.9 magnitude earthquake in Tokyo, reaching 83.30, later dropped sharply down to 82.07. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is still within wide range. Break above today's top and nearest resistance 83.30 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.07, and consistent break bellow it could strengthen the Yen further down towards next target 81.25. There are no major economic events for Japan today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and dropping, MACD is negative and declining too, while CCI has strongly crossed down the 100 line on the 1 hour chart, giving overall short signals. Have a great weekend!
Technical resistance levels: 83.30 84.16 85.00
Technical support levels: 82.07 81.25 80.40

Trading range: 82.40 - 81.65
Trend: Downward
Sell at 82.27 SL 82.57 TP 81.77

Already made +49 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 82.80 SL 82.54 TP 83.30, exit sent at 6:20 GMT.
Total today +172, yesterday +112, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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