USD/JPY Technical Analysis 18 April 2011

By @ibtimes on

USD/JPY 82.80 - 18 April 2011

USD/JPY Open 83.14 High 83.78 Low 82.64 Close 83.08

On Friday Dollar/Yen decreased with over 80 pips, matching the negative Interbank sentiment at bellow -40%. The currency couple depreciated from 83.78 to 82.95 on Friday, closing the week at 83.08. This morning the Dollar weakened further against the Yen, descending down to 82.64. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart trading is moving into a range. Break above Friday's top and nearest resistance 83.78 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.64, and consistent break bellow it could strengthen the Yen further down towards next target 81.82. There are no major economic events for Japan today. 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 hesitant, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.78 84.60 85.44
Technical support levels: 82.64 81.82 81.00

Trading range: 82.90 - 82.30
Trend: Downward
Sell at 82.80 SL 83.10 TP 82.40

Already made +16 pips profit on USD/JPY today from the following signal:
5:33 GMT+1 Sell USD/JPY at 82.94 SL 83.20 TP 82.44, exit sent at 7:53 GMT+1.
Total today +121, on Friday +129, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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