USD/JPY 83.45 - 15 February 2011

USD/JPY Open 83.39 High 83.65 Low 83.08 Close 83.31

On Monday Dollar/Yen traded within a 50 pip range, not exactly matching the negative Interbank sentiment at bellow -52%. The currency couple depreciated from 83.59 to 83.08 yesterday, closing the day at 83.31. Today the Dollar strengthened further, climbing up to 83.65 against the Yen. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is within a wide range. Break above yesterday's top and nearest resistance 83.65 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.08, and consistent break bellow it could strengthen the Yen further down towards next target 82.30. Today are Japan Industrial output and Tertiary activity index at 4:30 and 23:50 GMT respectively. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.65 84.50 85.44
Technical support levels: 83.08 82.30 81.48

Trading range: 83.35 - 83.95
Trend: Upward
Buy at 83.45 SL 83.15 TP 83.85

Already made +22 pips profit on USD/JPY today from the following signal:
5:29 GMT Buy USD/JPY at 83.40 SL 83.14 TP 83.90, exit sent at 7:54 GMT.
Total today +151, yesterday +78, as shown in details at