USD/JPY 82.85 - 14 January 2011

USD/JPY Open 82.74 High 83.15 Low 82.48 Close 82.80

On Thursday Dollar/Yen continued decreasing with around 60 pips, breaking this week's range downwards, and matching the negative Interbank sentiment at almost -57%. The currency couple depreciated from 83.15 to 82.53 yesterday, closing the day at 82.80. This morning bears pulled the pair a little further down to 82.48. On the 1 hour chart the upward channel is still on hold, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 83.15 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.48, and consistent break bellow it could strengthen the Yen further down towards next target 81.60.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 positive and declining, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 83.15 84.00 84.88
Technical support levels: 82.48 81.60 80.74

Trading range: 83.95 - 82.35
Trend: Downward
Sell at 82.85 SL 83.15 TP 82.45

Already made +11 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 82.51 SL 82.77 TP 82.01, exit sent at 8:23 GMT.
Total today +134, yesterday +149, as shown in details at http://www.zifx.com/performance.php.

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