USD/JPY 83.85 - 20 December 2010
On Friday Dollar/Yen increased insignificantly, not matching the negative Interbank sentiment at around -24%. The currency couple appreciated from 83.68 to 84.21 on Friday, closing the week at 83.92. Today movements are slightly bearish, but still within Friday's range. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is on hold. Break above Friday's top and nearest resistance 84.21 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 83.68, and consistent break bellow it could strengthen the Yen further down towards next target 82.82. Today was the Japan Leading indicators composite index already passed at 5 GMT. 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 inclining upwards, MACD is thinly negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 84.21 85.10 86.00
Technical support levels: 83.68 82.82 81.60
Sell at 83.85 SL 84.15 TP 83.45
Already made +21 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 83.89 SL 84.15 TP 83.39, exit sent at 9:16 GMT.
Total today +50, on Friday +108, as shown in details at http://www.zifx.com/performance.php.