USD/JPY 83.54 - 22 December 2010

USD/JPY Open 83.77 High 83.90 Low 83.40 Close 83.72

On Tuesday Dollar/Yen decreased insignificantly with around 40 pips, matching the negative Interbank sentiment at around -32%. The currency couple depreciated from 83.90 to 83.49 yesterday, closing the day at 83.72. Today bears pulled the pair further down to 83.40. 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 83.90 would encourage further recovery of the Dollar. Immediate support is today's bottom at 83.40, and consistent break bellow it could strengthen the Yen further down towards next target 82.56. Today was Japan BoJ monthly economic report, already passed at 5 GMT. Quotes are moving bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is thinly negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 83.90 84.80 85.66
Technical support levels: 83.40 82.56 81.71

Trading range: 83.65 - 83.00
Trend: Downward
Sell at 83.54 SL 83.84 TP 83.14

Already made +18 pips profit on USD/JPY today from the following signal:
5:33 GMT Sell USD/JPY at 83.77 SL 84.03 TP 83.27, exit sent at 9:09 GMT.
Total today +131, yesterday +123, as shown in details at http://www.zifx.com/performance.php.

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