USD/JPY 82.48 - 15 March 2011

USD/JPY Open 81.82 High 82.46 Low 80.56 Close 81.67

On Monday Dollar/Yen shook down and up, as BoJ supported the Yen but the events after the disaster try to weaken it, not matching the negative Interbank sentiment at bellow -11%. The currency couple appreciated from 80.56 to 82.46 yesterday, closing the day at 81.67. This morning the Dollar is trading hesitantly against the Yen, but within yesterday's range for now. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart wide small angle downward channel is also taking shape. Break above yesterday's top and nearest resistance 82.46 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.56, and consistent break bellow it could strengthen the Yen further down towards next target 79.70. There are no major economic events for Japan today. 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 tranquil, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 82.46 83.29 84.16
Technical support levels: 80.56 79.70 78.81

Trading range: 81.60 - 80.95
Trend: Downward
Sell at 81.48 SL 81.78 TP 81.08

Already made +28 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 81.70 SL 81.96 TP 81.20, exit sent at 8:01 GMT.
Total today +134, yesterday +123, as shown in details at http://www.zifx.com/performance.php.

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