USD/JPY 83.03 - 13 January 2011

USD/JPY Open 83.07 High 83.46 Low 82.80 Close 82.97

On Wednesday Dollar/Yen adjusted downwards with around 60 pips, matching the negative Interbank sentiment at under -54%. The currency couple depreciated from 83.46 to 82.80 yesterday, closing the day at 82.97. This morning trading is quiet and within yesterday's range. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 83.46 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.80, and consistent break bellow it could strengthen the Yen further down towards next target 81.88. Today is Japan Corporate goods price index at 23:50 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.46 84.42 85.30
Technical support levels: 82.80 81.88 81.00

Trading range: 83.15 - 82.50
Trend: Downward
Sell at 83.03 SL 83.33 TP 82.63

Already made +8 pips profit on USD/JPY today from the following signal:
5:29 GMT Sell USD/JPY at 83.03 SL 83.29 TP 82.53, exit sent at 7:44 GMT.
Total today +149, yesterday +84, as shown in details at