USD/JPY Technical Analysis 15 April 2011

By @ibtimes on

USD/JPY 83.43 - 15 April 2011

USD/JPY Open 83.57 High 83.89 Low 82.94 Close 83.47

On Thursday Dollar/Yen decreased with over 100 pips, matching the negative Interbank sentiment at almost -33%. The currency couple depreciated from 83.89 to 82.94 yesterday, closing the day at 83.47. This morning the Dollar tested again yesterday's bottom against the Yen, which is still holding. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart the upward channel is still on hold. Break above yesterday's top and nearest resistance 83.89 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.94, and consistent break bellow it could strengthen the Yen further down towards next target 82.10. Today was Japan Industrial output, already passed at 4:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is thinly negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 84.26 85.10 86.00
Technical support levels: 82.94 82.10 81.29

Trading range: 83.55 - 82.90
Trend: Downward
Sell at 83.43 SL 83.73 TP 83.03

Already made +47 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Sell USD/JPY at 83.42 SL 83.68 TP 82.92, exit sent at 8:56 GMT+1.
Total today +129, yesterday +172, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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