USD/JPY 83.00 - 14 December 2010

USD/JPY Open 83.47 High 84.34 Low 82.89 Close 83.37

On Monday Dollar/Yen weakened with 120 pips on the US debt news, matching the negative Interbank sentiment at nearly -46%. The currency couple depreciated from 84.34 to 83.14 yesterday, closing the day at 83.37. Today, after some hesitation, bearish continued pushing the pair further down to 82.89. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward is on hold. Break above yesterday's top and nearest resistance 84.34 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.89, and consistent break bellow it could strengthen the Yen further down towards next target 82.00. Today are the Japan Industrial output, Tertiary activity index and BoJ Tankan survey, at 4:30 and 23:50 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 84.34 85.17 86.00
Technical support levels: 82.89 82.00 81.16

Trading range: 83.10 - 82.50
Trend: Downward
Sell at 83.00 SL 83.30 TP 82.60

Already made +23 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 83.47 SL 83.73 TP 82.97, exit sent at 8:16 GMT.
Total today +160, yesterday +111, as shown in details at http://www.zifx.com/performance.php.

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