USD/JPY 80.85 - 16 May 2011

USD/JPY Open 80.82 High 81.09 Low 80.33 Close 80.74

On Friday Dollar/Yen decreased with 75 pips, as expected, matching the negative Interbank sentiment at bellow -62%. The currency couple depreciated from 81.09 to 80.33 on Friday, closing the week at 80.74. This morning the Dollar is trading quietly against the Yen, and within even smaller than Friday's range for now. On the 1 hour chart range trading is forming, while on the 3 hour trading has moved into a range. Break above Friday's top and nearest resistance 81.09 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 80.33, and consistent break bellow it could strengthen the Yen further down towards next target 79.50. There are no major economic events for Japan today. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and tranquil, MACD is thinly positive and quiet, while CCI has just crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.09 82.00 82.83
Technical support levels: 80.33 79.50 78.61

Trading range: 80.95 - 80.35
Trend: Downward
Sell at 80.85 SL 81.15 TP 80.45

Already made +16 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 80.97 SL 81.23 TP 80.47, exit sent at 9:12 GMT+1.
Total today +96, on Friday +111, as shown in details at