USD/JPY 80.71 - 16 March 2011

USD/JPY Open 81.02 High 82.04 Low 80.59 Close 80.74

On Tuesday Dollar/Yen continued decreasing with over 160 pips, matching the negative Interbank sentiment at bellow -18%. The currency couple depreciated from 82.04 to 80.59 yesterday, closing the day at 80.74. This morning the Dollar is trading quietly against the Yen, and an the bottom of yesterday's range for now. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart wide small angle downward channel has formed. Break above yesterday's top and nearest resistance 82.04 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.59, and consistent break bellow it could strengthen the Yen further down towards next target 79.70. Today are Japan BoJ monthly economic report and Tertiary activity index, at 5 and 23:50 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is thinly negative and calm, 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: 82.04 82.87 83.70
Technical support levels: 80.59 79.70 78.81

Trading range: 80.85 - 80.20
Trend: Downward
Sell at 80.71 SL 81.01 TP 80.31

Already made +9 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 80.87 SL 81.13 TP 80.37, exit sent at 6:16 GMT.
Total today +111, yesterday +134, as shown in details at http://www.zifx.com/performance.php.

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