USD/JPY 81.09 - 18 May 2011

USD/JPY Open 81.42 High 81.77 Low 80.73 Close 81.36

On Tuesday Dollar/Yen increased significantly with 100 pips, not matching the negative Interbank sentiment at bellow -76%. The currency couple appreciated from 80.73 to 81.77 yesterday, closing the day at 81.36. This morning the Dollar is correcting downwards against the Yen, but movements are within yesterday's range for now. On the 1 hour chart new upward channel is emerging, while on the 3 hour trading has moved into a range. Break above yesterday's top and nearest resistance 81.77 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.62, and consistent break bellow it could strengthen the Yen further down towards next target 79.70. Today is Japan Real GDP Q1 at 23:50 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 81.77 82.60 83.49
Technical support levels: 80.62 79.70 78.82

Trading range: 81.20 - 82.55
Trend: Downward
Sell at 81.09 SL 81.39 TP 80.69

Already made +18 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.11 SL 81.37 TP 80.61, exit sent at 9:04 GMT+1.
Total today +94, yesterday +148, as shown in details at