USD/JPY 83.52 - 17 February 2011

USD/JPY Open 83.60 High 83.97 Low 83.48 Close 83.62

On Wednesday Dollar/Yen traded again within a narrow 50 pip range, not exactly matching the negative Interbank sentiment at bellow -35%. The currency couple depreciated from 83.97 to 83.48 yesterday, closing the day at 83.62. Today the Dollar is moving quietly and within yesterday's range for now. On the 1 hour chart the upward channel still looks good, while on the 3 hour chart trading is within a wide range. Break above yesterday's top and nearest resistance 83.97 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.48, and consistent break bellow it could strengthen the Yen further down towards next target 83.08. Today are Japan BoJ meeting announcement, Leading indicators composite index and Coincident indicators composite index, at 3:30 and 5 GMT respectively. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and calm, MACD is thinly negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 83.97 84.83 85.76
Technical support levels: 83.48 83.08 82.25

Trading range: 83.40 - 84.05
Trend: Upward
Buy at 83.52 SL 83.22 TP 83.92

Already made +10 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 83.57 SL 83.83 TP 83.07, exit sent at 7:36 GMT.
Total today +98, yesterday +51, as shown in details at http://www.zifx.com/performance.php.

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