USD/JPY 81.85 - 19 May 2011

USD/JPY Open 81.66 High 81.94 Low 80.93 Close 81.64

On Wednesday Dollar/Yen increased significantly with 80 pips, not matching the negative Interbank sentiment at bellow -75%. The currency couple appreciated from 80.93 to 81.75 yesterday, closing the day at 81.64. This morning the Dollar strengthened even further against the Yen, reaching up to 81.94. On the 1 hour chart new upward channel has emerged, while on the 3 hour trading is moving into a range. Break above today's top and nearest resistance 81.82 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.93, and consistent break bellow it could strengthen the Yen further down towards next target 80.00. Today is Japan Industrial output at 4:30 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 crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 81.94 82.80 83.65
Technical support levels: 80.93 80.00 79.16

Trading range: 81.75 - 82.35
Trend: Upward
Buy at 81.85 SL 81.55 TP 82.25

Already made +3 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.57 SL 81.83 TP 81.07, exit sent at 5:32 GMT+1.
Total today +49, yesterday +94, as shown in details