USD/JPY 83.97 - 15 December 2010

USD/JPY Open 83.80 High 84.08 Low 82.83 Close 83.65

On Tuesday Dollar/Yen extended its weakening further down, matching the negative Interbank sentiment at nearly -32%, than commenced a recovery. The currency couple depreciated first down to 82.83, from where it started climbing up to 83.91 yesterday, closing the day at 83.65. Today the ascending reached further up to 84.08. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is on hold. Break above today's top and nearest resistance 83.95 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.83, and consistent break bellow it could strengthen the Yen further down towards next target 82.00. There are no major economic events for Japan today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is thinly positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 84.08 85.00 85.82
Technical support levels: 82.83 82.00 81.16

Trading range: 83.85 - 84.50
Trend: Upward
Buy at 83.97 SL 83.67 TP 84.37

Already made +3 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 83.83 SL 84.09 TP 83.33, exit sent at 5:37 GMT.
Total today +63, yesterday +160, as shown in details at http://www.zifx.com/performance.php.

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