USD/JPY 83.47 - 18 February 2011

USD/JPY Open 83.28 High 83.85 Low 83.14 Close 83.29

On Thursday Dollar/Yen decreased insignificantly with 70 pips, matching the negative Interbank sentiment at bellow -36%. The currency couple depreciated from 83.85 to 83.14 yesterday, closing the day at 83.29. Today the Dollar is moving quietly and within yesterday's range for now. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart trading is within a wide range. Break above yesterday's top and nearest resistance 83.85 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.14, and consistent break bellow it could strengthen the Yen further down towards next target 82.32. Today is Japan BoJ monthly economic report at 5 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light neutral signals.
Technical resistance levels: 83.85 84.70 85.53
Technical support levels: 83.14 82.32 81.50

Trading range: 83.60 - 82.95
Trend: Downward
Sell at 83.47 SL 83.77 TP 83.07

Already made +4 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 83.27 SL 83.53 TP 82.77, exit sent at 7:13 GMT.
Total today +94, yesterday +98, as shown in details at http://www.zifx.com/performance.php.

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