USD/JPY 84.22 - 2 September 2010

USD/JPY Open 84.37 High 84.61 Low 83.75 Close 84.43

On Wednesday Dollar/Yen continued decreasing at first, in converse with the positive Interbank sentiment at nearly -80%, than recovered from the morning losses. The currency couple depreciated to 83.75 yesterday, from where it rose up to 84.61, closing the day at 84.43. Today the trading is hesitant with unconvincing bearish efforts. On the 1 hour the trading is back within wide range, and on the 3 hour chart the downward channel is trying to resume. Break above yesterday's top and nearest resistance 84.61 would embolden further recovery of the Dollar. Immediate support is yesterday's bottom at 83.75, and consistent break bellow it could strengthen the Yen further down towards next target 83.00. 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 negative and calm, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 84.65 85.90 86.67
Technical support levels: 83.87 83.00 82.52

Trading range: 83.95 - 84.55
Trend: Upward
Buy at 84.05 SL 83.75 TP 84.45

Already made +10 pips profit on USD/JPY today from the following signal:
5:36 GMT+1 Sell USD/JPY at 84.20 SL 84.46 TP 83.70 exit sent at 8:41 GMT+1.
Total today +142, yesterday +91, as shown in details at