USD/JPY Technical Analysis 12 April 2011

By @ibtimes on

USD/JPY 84.30 - 12 April 2011

USD/JPY Open 84.61 High 85.16 Low 83.45 Close 84.57

On Monday Dollar/Yen decreased slightly with 65 pips, matching the negative Interbank sentiment at nearly -42%. The currency couple depreciated from 85.16 to 84.51 yesterday, closing the day at 84.57. This morning the Dollar weakened further against the Yen, dropping down to 83.45, after which recovery efforts commenced. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart the upward channel is on hold. Break above yesterday's top and nearest resistance 85.16 would encourage further recovery of the Dollar. Immediate support is today's bottom at 83.45, and consistent break bellow it could strengthen the Yen further down towards next target 82.56. Today is Japan Corporate goods price index at 23:50 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 negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 85.16 86.00 86.90
Technical support levels: 83.45 82.56 81.71

Trading range: 84.20 - 84.80
Trend: Upward
Buy at 84.30 SL 84.00 TP 84.70

Already made +22 pips profit on USD/JPY today from the following signal:
5:31 GMT+1 Sell USD/JPY at 84.01 SL 84.27 TP 83.51, exit sent at 6:44 GMT+1.
Total today +123, yesterday +63, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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