USD/JPY 81.52 - 20 May 2011

USD/JPY Open 81.71 High 82.23 Low 81.46 Close 81.58

On Thursday Dollar/Yen traded within narrow 70 pip range, not matching the negative Interbank sentiment at bellow -75%. The currency couple appreciated first to 82.23, from where it descended down to 81.46 yesterday, closing the day at 81.58. This morning the Dollar is moving quietly against the Yen, and within yesterday's range for now. On the 1 hour chart new upward channel has emerged, while on the 3 hour trading is moving into a range. Break above yesterday's top and nearest resistance 82.23 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.46, and consistent break bellow it could strengthen the Yen further down towards next target 80.55. Today was Japan BoJ meeting announcement at 3:30 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 positive and inclining upwards, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.23 83.10 84.00
Technical support levels: 81.46 80.55 79.71

Trading range: 81.40 - 82.05
Trend: Upward
Buy at 81.52 SL 81.22 TP 81.92

Already made +22 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Buy USD/JPY at 81.64 SL 81.38 TP 82.14, exit sent at 8:07 GMT+1.
Total today +89, yesterday +49, as shown in details at