USD/JPY 81.59 - 2 May 2011

USD/JPY Open 81.21 High 81.69 Low 80.98 Close 81.16

On Friday Dollar/Yen decreased insignificantly with around 60 pips, matching the negative Interbank sentiment at bellow -63%. The currency couple depreciated from 81.63 to 81.00 on Friday, closing the week at 81.16. This morning the Dollar commenced recovery against the Yen, climbing up to 81.69. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart trading is still within wide range. Break above today's top and nearest resistance 81.69 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.98, and consistent break bellow it could strengthen the Yen further down towards next target 80.10. There are no major economic events for Japan today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 81.69 82.55 83.44
Technical support levels: 80.98 80.10 79.24

Trading range: 81.70 - 81.05
Trend: Downward
Sell at 81.59 SL 81.89 TP 81.19

Already made +12 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Buy USD/JPY at 81.45 SL 81.19 TP 81.95, exit sent at 6:54 GMT+1.
Total today +93, on Friday +132, as shown in details at