USD/JPY Technical Analysis 13 April 2011

By @ibtimes on

USD/JPY 83.94 - 13 April 2011

USD/JPY Open 83.59 High 84.66 Low 83.45 Close 83.54

On Tuesday Dollar/Yen decreased significantly with around 120 pips, matching the negative Interbank sentiment at bellow -40%. The currency couple depreciated from 84.66 to 83.45 yesterday, closing the day at 83.54. This morning the Dollar is making recovery efforts against the Yen, but movements are within yesterday's range for now. 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 84.66 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.45, and consistent break bellow it could strengthen the Yen further down towards next target 82.56. There are no major economic events for Japan today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 84.66 85.50 86.39
Technical support levels: 83.45 82.56 81.71

Trading range: 83.80 - 84.45
Trend: Upward
Buy at 83.94 SL 83.64 TP 84.34

Already made +19 pips profit on USD/JPY today from the following signal:
5:34 GMT+1 Sell USD/JPY at 84.03 SL 84.29 TP 83.53, exit sent at 9:12 GMT+1.
Total today +125, yesterday +123, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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