USD/JPY 84.22 - 13 December 2010

USD/JPY Open 83.96 High 84.35 Low 83.44 Close 83.90

On Friday Dollar/Yen traded increased insignificantly with nearly 60 pips, not matching the negative Interbank sentiment at nearly -40%. The currency couple appreciated from 83.44 to 84.02 on Friday, closing the week at 83.90. Today bulls pushed the pair further up to 84.35. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is making renewal efforts. Break above today's top and nearest resistance 84.35 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 83.44, and consistent break bellow it could strengthen the Yen further down towards next target 82.60. 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 thinly negative and calm, MACD is negative and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 84.35 85.17 86.00
Technical support levels: 83.44 82.60 81.77

Trading range: 84.10 - 84.75
Trend: Upward
Buy at 84.22 SL 83.92 TP 84.62

Already made +23 pips profit on USD/JPY today from the following signal:
5:50 GMT Buy USD/JPY at 84.10 SL 83.84 TP 84.60, exit sent at 9:11 GMT.
Total today +111, on Friday +48, as shown in details at http://www.zifx.com/performance.php.

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