USD/JPY Technical Analysis 21 February 2011

By @ibtimes on

USD/JPY 83.20 - 21 February 2011
USD/JPY Open 83.10 High 83.53 Low 83.01 Close 83.13

On Friday Dollar/Yen decreased insignificantly with around 50 pips, matching the negative Interbank sentiment at bellow -51%. The currency couple depreciated from 83.53 to 83.01 on Friday, closing the week at 83.13. Today the Dollar is moving quietly and within Friday's range for now. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart trading is at the upper side of a wide range. Break above Friday's top and nearest resistance 83.53 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 83.01, and consistent break bellow it could strengthen the Yen further down towards next target 82.18. Today was Japan All industry index, already passed at 4:30 GMT. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and tranquil too, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 83.53 84.37 85.20
Technical support levels: 83.01 82.18 81.36

Trading range: 83.30 - 82.70
Trend: Downward
Sell at 83.20 SL 83.50 TP 82.80

Already made +13 pips profit on USD/JPY today from the following signal:
6:18 GMT Sell USD/JPY at 83.19 SL 83.45 TP 82.69, exit sent at 9:00 GMT.
Total today +101, on Friday +94, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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