USD/JPY 80.70 - 11 May 2011
USD/JPY Open 81.00 High 81.10 Low 80.15 Close 80.86
On Tuesday Dollar/Yen commenced recovering with nearly 100 pips, not matching the negative Interbank sentiment at bellow -59%. The currency couple appreciated from 80.15 to 81.10 yesterday, closing the day at 80.86. This morning the Dollar is showing slight weakness against the Yen, but movements are small and within yesterday's range for now. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart new downward channel has emerged. Break above yesterday's top and nearest resistance 81.10 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.15, and consistent break bellow it could strengthen the Yen further down towards next target 79.32. Today are Japan Leading and Coincident indicators composite index, Current account, Trade balance and M2+CDs money supply, at 5, 23, and 23:50 GMT respectively. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is positive and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.10 82.00 82.86
Technical support levels: 80.15 79.32 78.50
Trading range: 80.60 - 81.20
Buy at 80.70 SL 80.40 TP 81.10
Already made +21 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Sell USD/JPY at 80.87 SL 81.13 TP 80.37, exit sent at 8:25 GMT+1.
Total today +93, yesterday +164, as shown in details at http://www.zifx.com/performance.php.