USD/JPY 82.01 - 14 March 2011

USD/JPY Open 81.28 High 83.29 Low 80.56 Close 81.80

On Friday Dollar/Yen traded sank after initial climb in the morning after the earthquake. The currency couple depreciated from 83.29 to 81.64 on Friday, closing the week at 81.80. This morning the Dollar weakened further against the Yen, reaching down to 80.56. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart trading is still within wide range. Break above Friday's top and nearest resistance 83.29 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.56, and consistent break bellow it could strengthen the Yen further down towards next target 79.70. Today is Japan BoJ meeting announcement. Quotes are almost in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and tranquil, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 83.29 84.16 85.00
Technical support levels: 80.56 79.70 78.81

Trading range: 82.15 - 81.50
Trend: Downward
Sell at 82.01 SL 82.31 TP 81.61

Already made +37 pips profit on USD/JPY today from the following signal:
6:00 GMT Sell USD/JPY at 82.19 SL 82.45 TP 81.69, exit sent at 8:32 GMT.
Total today +123, on Friday +172, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com