USD/JPY 83.75 - 21 December 2010

USD/JPY Open 83.77 High 84.12 Low 83.55 Close 83.75

On Monday Dollar/Yen decreased insignificantly with 50 pips, matching the negative Interbank sentiment at around -26%. The currency couple depreciated from 84.12 to 83.62 yesterday, closing the day at 83.75. Today bears pulled the Dollar a little further down to 83.55. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is on hold. Break above yesterday's top and nearest resistance 84.12 would encourage further recovery of the Dollar. Immediate support is today's bottom at 83.55, and consistent break bellow it could strengthen the Yen further down towards next target 82.70. Today are Japan BoJ meeting announcement, All industry index and Trade balance, at 3:30, 4:30 and 23:50 GMT respectively. 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 thinly negative and calm, MACD is negative and quiet too, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 84.12 85.00 85.80
Technical support levels: 83.55 82.70 81.83

Trading range: 83.85 - 83.25
Trend: Downward
Sell at 83.75 SL 84.05 TP 83.35

Already made +2 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 83.64 SL 83.90 TP 83.14, exit sent at 5:34 GMT.
Total today +123, yesterday +50, as shown in details at http://www.zifx.com/performance.php.

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