USD/JPY Technical Analysis 17 December 2010

By @ibtimes on

USD/JPY 83.94 - 17 December 2010
USD/JPY Open 84.02 High 84.45 Low 83.68 Close 83.87

On Thursday Dollar/Yen decreased insignificantly, matching the negative Interbank sentiment at around -27%. The currency couple depreciated from 84.45 to 83.86 yesterday, closing the day at 83.87. Today bears pushed the pair little further down to 83.68. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is on hold. Break above yesterday's top and nearest resistance 84.45 would encourage further recovery of the Dollar. Immediate support is today's bottom at 83.68, and consistent break bellow it could strengthen the Yen further down towards next target 82.82. 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 inclining upwards, MACD is thinly negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 84.45 85.35 86.22
Technical support levels: 83.68 82.82 81.60

Trading range: 84.05 - 83.40
Trend: Downward
Sell at 83.94 SL 84.24 TP 83.54

Already made +11 pips profit on USD/JPY today from the following signal:
5:32 GMT Buy USD/JPY at 83.90 SL 83.64 TP 84.40, exit sent at 5:59 GMT.
Total today +108, yesterday +120, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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