USD/JPY Technical Analysis 20 April 2011

By @ibtimes on

USD/JPY 82.80 - 20 April 2011

USD/JPY Open 82.58 High 83.10 Low 82.31 Close 82.56

On Tuesday Dollar/Yen started recovering with almost 80 pips, not matching the negative Interbank sentiment at bellow -56%. The currency couple appreciated from 82.31 to 83.10 yesterday, closing the day at 82.56. This morning the Dollar climbed to 83.10, than began correcting downwards against the Yen, and may lose yesterday's gains during the day. On the 1 hour chart new range trading is forming, while on the 3 hour chart trading is within wider range. Break above today's top and nearest resistance 83.10 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.31, and consistent break bellow it could strengthen the Yen further down towards next target 81.30. Today are the Japan Trade balance and Tertiary activity index, both at 23:50 GMT. 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 hesitant, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 83.10 84.17 85.00
Technical support levels: 82.31 81.30 80.42

Trading range: 82.90 - 82.30
Trend: Downward
Sell at 82.80 SL 83.10 TP 82.40

Already made +6 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Buy USD/JPY at 82.98 SL 82.72 TP 83.48, exit sent at 5:34 GMT+1.
Total today +144, yesterday +76, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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