USD/JPY Technical Analysis 21 April 2011

By @ibtimes on

USD/JPY 81.99 - 21 April 2011

USD/JPY Open 82.44 High 83.10 Low 82.16 Close 82.54

On Wednesday Dollar/Yen resumed decreasing with 85 pips, matching the negative Interbank sentiment at bellow -66%. The currency couple depreciated from 83.10 to 82.25 yesterday, closing the day at 82.54. This morning the Dollar descended further down against the Yen, reaching 81.86. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 83.10 would encourage further recovery of the Dollar. Immediate support is today's bottom at 81.86, and consistent break bellow it could strengthen the Yen further down towards next target 81.00. Today were Japan Leading and Coincident indicators composite index, already passed at 5 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 83.10 84.17 85.00
Technical support levels: 81.86 81.00 80.12

Trading range: 82.10 - 81.45
Trend: Downward
Sell at 81.99 SL 82.29 TP 81.59

Already made +35 pips profit on USD/JPY today from the following signal:
5:28 GMT+1 Sell USD/JPY at 82.22 SL 82.48 TP 81.72, exit sent at 6:44 GMT+1.
Total today +195, yesterday +144, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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