USD/JPY 82.24 - 20 January 2011

USD/JPY Open 82.14 High 82.69 Low 81.84 Close 82.00

On Wednesday Dollar/Yen decreased with around 85 pips, matching the negative Interbank sentiment at almost -75%. The currency couple appreciated from 82.69 to 81.84 yesterday, closing the day at 82.00. Today is trading is tranquil and within yesterday's range for the time being. On the 1 hour chart new small angle downward channel is forming, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.69 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.84, and consistent break bellow it could strengthen the Yen further down towards next target 80.70. Today are Japan Leading and Coincident indicators composite indexes, both at 5 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and on the rise, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.69 83.60 84.46
Technical support levels: 81.84 80.70 79.56

Trading range: 82.35 - 81.70
Trend: Downward
Sell at 82.24 SL 82.54 TP 81.84

Already made +10 pips profit on USD/JPY today from the following signal:
5:36 GMT Sell USD/JPY at 82.15 SL 82.41 TP 81.65, exit sent at 6:28 GMT.
Total today +141, yesterday +135, as shown in details at