USD/JPY Technical Analysis 2 February 2011

By @ibtimes on

USD/JPY 81.46 - 2 February 2011
USD/JPY Open 81.39 High 82.15 Low 81.30 Close 81.34

On Tuesday Dollar/Yen resumed decreasing with 85 pips, matching the negative Interbank sentiment at nearly -72%. The currency couple depreciated from 82.15 to 81.30 yesterday, closing the day at 81.34. Today trading is tranquil and still within yesterday's range. On the 1 hour chart the new small angle downward channel looks good, while on the 3 hour chart the wide range trading remains. Break above yesterday's top and nearest resistance 82.15 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.30, and consistent break bellow it could strengthen the Yen further down towards next target 80.46. There are no major economic events for Japan today. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.15 83.00 83.88
Technical support levels: 81.30 80.46 79.60

Trading range: 81.60 - 80.95
Trend: Downward
Sell at 81.46 SL 81.76 TP 81.06

Already made +16 pips profit on USD/JPY today from the following signal:
5:33 GMT Sell USD/JPY at 81.53 SL 81.79 TP 81.03, exit sent at 9:00 GMT.
Total today +105, yesterday +154, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion