USD/JPY Technical Analysis 2 March 2011

By @ibtimes on

USD/JPY 81.99 - 2 March 2011
USD/JPY Open 81.90 High 82.24 Low 81.78 Close 81.83

On Tuesday Dollar/Yen decreased insignificantly with under 50 pips, not matching the positive Interbank sentiment at nearly +8%. The currency couple depreciated from 82.24 to 81.78 yesterday, closing the day at 81.83. This morning the Yen is moving hesitantly and within yesterday's range for now. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.24 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.78, and consistent break bellow it could strengthen the Yen further down towards next target 80.85. There are no major economic events for Japan today. Quotes are moving about in line with the almost even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and calm, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.24 83.00 83.91
Technical support levels: 81.78 80.85 80.00

Trading range: 82.10 - 81.45
Trend: Downward
Sell at 81.99 SL 82.29 TP 81.59

Already made +6 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 81.93 SL 82.19 TP 81.43, exit sent at 6:41 GMT.
Total today +136, yesterday +132, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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