USD/JPY 83.33 - 14 February 2011

USD/JPY Open 83.42 High 83.67 Low 83.08 Close 83.38

On Friday Dollar/Yen increased insignificantly with around 40 pips, not matching the negative Interbank sentiment at bellow -40%. The currency couple appreciated from 83.23 to 83.67 on Friday, closing the week at 83.38. Today the Dollar lost ground against the Yen, dropping down to 83.08. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is within a wide range. Break above Friday's top and nearest resistance 83.67 would encourage further recovery of the Dollar. Immediate support is today's bottom at 83.08, and consistent break bellow it could strengthen the Yen further down towards next target 82.30. There are no major economic events for Japan today. Quotes have crossed up the 20 and 50 EMA on the 1 hour chart, indicating current bullish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and quiet, while CCI has just crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.67 84.50 85.44
Technical support levels: 83.08 82.30 81.48

Trading range: 83.20 - 83.85
Trend: Upward
Buy at 83.33 SL 83.03 TP 83.73

Already made +14 pips profit on USD/JPY today from the following signal:
6:35 GMT Sell USD/JPY at 83.22 SL 83.48 TP 82.72, exit sent at 7:34 GMT.
Total today +78, on Friday +124, as shown in details at