USD/JPY 84.12 - 16 December 2010

USD/JPY Open 84.26 High 84.51 Low 83.62 Close 84.22

On Wednesday Dollar/Yen continued recovering, not matching the negative Interbank sentiment at around -35%. The currency couple appreciated from 83.62 to 84.51 yesterday, closing the day at 84.22. Today the pair is making further ascending efforts, but unconvincing and within yesterday's range for now. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is trying to resume. Break above yesterday's top and nearest resistance 84.51 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.62, and consistent break bellow it could strengthen the Yen further down towards next target 82.80. There are no major economic events for Japan today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and hesitant, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 84.51 85.35 86.22
Technical support levels: 83.62 82.80 81.67

Trading range: 84.25 - 83.60
Trend: Downward
Sell at 84.12 SL 84.42 TP 83.72

Already made +11 pips profit on USD/JPY today from the following signal:
5:35 GMT Buy USD/JPY at 84.23 SL 83.97 TP 84.73, exit sent at 6:00 GMT.
Total today +120, yesterday +63, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com