USD/JPY 80.58 - 13 May 2011

USD/JPY Open 81.03 High 81.34 Low 80.33 Close 80.93

On Thursday Dollar/Yen traded within 60 pip range, not matching the negative Interbank sentiment at bellow -59%. The currency couple depreciated from 81.34 to 80.70 yesterday, closing the day at 80.93. This morning the Dollar resumed weakening against the Yen, reaching down to 80.33. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour trading is moving into a range. Break above yesterday's top and nearest resistance 81.34 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.33, and consistent break bellow it could strengthen the Yen further down towards next target 79.50. There are no major economic events for Japan today. Quotes are moving way bellow the 20 and 50 EMA on the 1 hour chart, indicating strong bearish impulse. The value of the RSI indicator is negative and hesitant, 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: 81.34 82.21 83.05
Technical support levels: 80.33 79.50 78.61

Trading range: 80.70 - 80.05
Trend: Downward
Sell at 80.58 SL 80.88 TP 80.18

Already made +50 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.15 SL 81.41 TP 80.65, TP reached at 8:13 GMT+1.
Total today +111, yesterday +163, as shown in details at http://www.zifx.com/performance.php.

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