USD/JPY 78.56 - 17 March 2011

USD/JPY Open 79.06 High 81.19 Low 76.49 Close 77.11

On Wednesday Dollar/Yen sank colossally with over 450 pips, reaching lowest levels since world war 2, matching the negative Interbank sentiment at bellow -15%. The currency couple depreciated from 81.19 to 76.49 yesterday, closing the day at 77.11. This morning the Dollar is shows weakness again against the Yen, but it's still moving within yesterday's range for now. On the 1 hour chart the new downward channel looks good, while on the 3 hour chart wide new downward channel has formed too. Break above yesterday's top and nearest resistance 81.19 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 76.49, and consistent break bellow it could strengthen the Yen further down towards next target 75.60. Today is Japan BoJ meeting minutes at 23:50 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is 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: 81.19 82.04 82.87
Technical support levels: 76.49 75.60 74.76

Trading range: 78.70 - 78.05
Trend: Downward
Sell at 78.56 SL 78.86 TP 78.16

Already made +50 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 79.42 SL 79.68 TP 78.92, TP reached at 6:48 GMT.
Total today +135, yesterday +111, as shown in details at http://www.zifx.com/performance.php.

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