USD/JPY Technical Analysis 12 May 2011

By @ibtimes on

USD/JPY 80.86 - 12 May 2011

USD/JPY Open 81.02 High 81.34 Low 80.61 Close 81.03

On Wednesday Dollar/Yen continued recovering with nearly 75 pips, not matching the negative Interbank sentiment at bellow -60%. The currency couple appreciated from 80.61 to 81.33 yesterday, closing the day at 81.03. This morning the Dollar is weakening against the Yen, but movements are still within yesterday's range, and possible upward bounce should not be excluded from today's expectations. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour trading is moving into a range. Break above today's top and nearest resistance 81.34 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.61, and consistent break bellow it could strengthen the Yen further down towards next target 79.70. There are no major economic events for Japan today. Quotes have just crossed down the 20 and 50 EMA on the 1 hour chart, indicating bearish impulse. The value of the RSI indicator is negative and declining, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 81.34 82.21 83.05
Technical support levels: 80.61 79.70 78.84

Trading range: 81.00 - 80.35
Trend: Downward
Sell at 80.86 SL 81.16 TP 80.46

Already made +17 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Sell USD/JPY at 81.15 SL 81.41 TP 80.65, exit sent at 7:21 GMT+1.
Total today +163, yesterday +93, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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