USD/JPY 82.29 - 19 January 2011

USD/JPY Open 82.61 High 82.83 Low 82.00 Close 82.54

On Tuesday Dollar/Yen was trading within 50 pip range, not matching the very negative Interbank sentiment at almost -46%. The currency couple appreciated from 82.32 to 82.83 yesterday, closing the day at 82.54. Today bearish trend resumed, pulling the pair down to 82.00. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.83 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.00, and consistent break bellow it could strengthen the Yen further down towards next target 81.22. 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 declining, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 82.83 83.70 84.55
Technical support levels: 82.00 81.17 80.35

Trading range: 82.40 - 81.75
Trend: Downward
Sell at 82.29 SL 82.59 TP 81.89

Already made +22 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 82.22 SL 82.48 TP 81.72, exit sent at 8:17 GMT.
Total today +135, yesterday +176, as shown in details at http://www.zifx.com/performance.php.

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