USD/JPY 83.02 - 22 February 2011

USD/JPY Open 83.06 High 83.54 Low 82.83 Close 83.13

On Monday Dollar/Yen increased insignificantly with just over 50 pips, not matching the negative Interbank sentiment at bellow -57%. The currency couple appreciated from 83.01 to 83.54 yesterday, closing the day at 83.13. This morning the Dollar dropped down to 82.83 and later recovered back up. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart trading is at the upper side of a wide range. Break above yesterday's top and nearest resistance 83.54 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.83, and consistent break bellow it could strengthen the Yen further down towards next target 82.00. Today is Japan Trade balance at 23:50 GMT. Quotes are moving bellow the 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 thinly negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.54 84.37 85.20
Technical support levels: 82.83 82.00 81.14

Trading range: 83.15 - 82.50
Trend: Downward
Sell at 83.02 SL 83.32 TP 82.62

Already made +5 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 83.31 SL 83.05 TP 83.81, exit sent at 5:31 GMT.
Total today +140, yesterday +101, as shown in details at http://www.zifx.com/performance.php.

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