USD/JPY Technical Analysis 22 March 2011

By @ibtimes on

USD/JPY 81.12 - 22 March 2011

USD/JPY Open 81.20 High 81.32 Low 80.49 Close 81.11

On Monday Dollar/Yen increased insignificantly with 80 pips, not matching the negative Interbank sentiment at almost -6%. The currency couple appreciated from 80.49 to 81.32 yesterday, closing the day at 81.11. This morning the Dollar is trading quietly against the Yen, and within yesterday's range for now. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart wide range trading has formed. Break above yesterday's top and nearest resistance 81.32 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.49, and consistent break bellow it could strengthen the Yen further down towards next target 79.60. Today is Japan All industry index at 4:30 GMT. Quotes are moving in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is thinly positive and calm, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.32 82.20 83.00
Technical support levels: 80.49 79.60 78.77
Trading range: 81.25 - 80.60
Trend: Downward
Sell at 81.12 SL 81.42 TP 80.72

Already made +4 pips profit on USD/JPY today from the following signal:
5:29 GMT Sell USD/JPY at 80.88 SL 81.14 TP 80.38, exit sent at 5:30 GMT.
Total today +108, yesterday +102, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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