USD/JPY 81.51 - 18 March 2011
On Thursday Dollar/Yen recovered strongly with over 400 pips, not matching the negative Interbank sentiment at bellow -76%. The currency couple appreciated from 78.23 to 81.80 yesterday, closing the day at 79.05. This morning the Dollar strengthened further again against the Yen, pushing up to 81.89. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart wide range trading has formed. Break above today's top and nearest resistance 81.89 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 78.23, and consistent break bellow it could strengthen the Yen further down towards next target 77.40. Today are Japan Leading and Coincident indicators composite indexes, both at 5 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 81.89 82.70 83.91
Technical support levels: 78.23 77.40 76.49
Sell at 81.51 SL 81.81 TP 81.11
Already made +50 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 81.83 SL 82.09 TP 81.33, TP reached at 8:48 GMT.
Total today +135, yesterday +135, as shown in details at http://www.zifx.com/performance.php.