USD/JPY 83.70 - 16 February 2011

USD/JPY Open 83.70 High 83.92 Low 83.19 Close 83.75

On Tuesday Dollar/Yen renewed increasing with nearly 70 pips, not matching the negative Interbank sentiment at bellow -42%. The currency couple appreciated from 83.19 to 83.92 yesterday, closing the day at 83.75. Today the Dollar is moving hesitantly and within yesterday's range for now. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is still within a wide range. Break above yesterday's top and nearest resistance 83.92 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.19, and consistent break bellow it could strengthen the Yen further down towards next target 82.30. 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 inclining upwards, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.92 84.76 85.58
Technical support levels: 83.19 82.30 81.48

Trading range: 83.80 - 83.20
Trend: Downward
Sell at 83.70 SL 84.00 TP 83.30

Already made +4 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 83.73 SL 83.47 TP 84.23, exit sent at 5:34 GMT.
Total today +51, yesterday +151, as shown in details at