USD/JPY 85.48 - 20 August 2010

USD/JPY Open 85.33 High 85.91 Low 84.94 Close 85.39

After an insignificant climb, on Thursday Dollar/Yen decreased with around 100 pips, in line with the very negative Interbank sentiment at nearly -74%. The currency couple depreciated from 85.91 to 84.94 yesterday, closing the day at 85.39. Today trading is neutral for now. On the 1 hour trading is within range, and on the 3 hour chart the downward channel has slowed down. Break above yesterday's top and nearest resistance 85.91 would support further recovery of the Dollar. Immediate support is yesterday's bottom at 84.94, and consistent break bellow it could strengthen the Yen further down towards next target 84.00. There are no major economic events for Japan today. Quotes are moving above the 20 and in line with the 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and consolidating, MACD is negative and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 85.91 86.67 87.72
Technical support levels: 84.94 84.00 83.17

Trading range: 85.60 - 84.95

Trend: Downward
Sell at 85.48 SL 85.78 TP 85.08

Already made +7 pips profit on USD/JPY today from the following signal:
5:33 GMT+1 Sell USD/JPY at 85.31 SL 85.57 TP 84.81 exit sent at 6:46 GMT+1.
Total today +92, yesterday +151, as shown in details at