USD/JPY 82.93 - 21 January 2011

USD/JPY Open 82.93 High 83.13 Low 82.04 Close 82.98

On Thursday Dollar/Yen increased significantly with over 100 pips, not matching the negative Interbank sentiment at almost -76%. The currency couple appreciated from 82.04 to 83.13 yesterday, closing the day at 82.98. Today trading is slightly corrective and within yesterday's range for now. On the 1 hour chart narrow range trading has formed, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 83.13 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.04, and consistent break bellow it could strengthen the Yen further down towards next target 81.90. Today is Japan All industry index at 4:30 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and hesitant, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.13 84.00 84.89
Technical support levels: 82.04 81.90 80.77

Trading range: 83.05 - 82.40
Trend: Downward
Sell at 82.93 SL 83.23 TP 82.53

Already made +18 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 82.91 SL 83.17 TP 82.41, exit sent at 8:05 GMT.
Total today +158, yesterday +141, as shown in details at http://www.zifx.com/performance.php.

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