USD/JPY 80.96 - 2 June 2011

USD/JPY Open 80.88 High 81.50 Low 80.62 Close 80.93

On Wednesday Dollar/Yen decreased with almost 100 pips, losing all Tuesday's gains, matching the negative Interbank sentiment at bellow -7%. The currency couple depreciated from 81.50 to 80.62 yesterday, closing the day at 80.93. This morning the Dollar is moving quietly against the Yen, and within within yesterday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is within wider range. Break above yesterday's top and nearest resistance 81.50 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. There are no major economic events for Japan today. 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 neutral and declining, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 81.50 82.39 83.25
Technical support levels: 80.62 79.70 78.56

Trading range: 81.10 - 80.45
Trend: Downward
Sell at 80.96 SL 81.26 TP 80.56

Already made +21 pips profit on USD/JPY today from the following signal:
5:26 GMT+1 Sell USD/JPY at 81.01 SL 81.27 TP 80.51, exit sent at 8:27 GMT+1.
Total today +110, yesterday +102, as shown in details at http://www.zifx.com/performance.php.

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