USD/JPY 85.41 - 23 August 2010

USD/JPY Open 85.55 High 85.80 Low 85.20 Close 85.58

On Friday Dollar/Yen increased insignificantly, in line with the very negative Interbank sentiment at nearly +10%. The currency couple appreciated from 85.20 to 85.80 on Friday, closing the week at 85.58. Today trading is neutral for now. On the 1 hour trading is within range, and on the 3 hour chart the downward channel has slowed down. Break above Friday's top and nearest resistance 85.80 would support further recovery of the Dollar. Immediate support is Friday's bottom at 85.20, and consistent break bellow it could strengthen the Yen further down towards next target 84.00. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and quiet, MACD is neutral and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 85.80 86.67 87.72
Technical support levels: 85.20 84.00 83.17

Trading range: 85.55 - 84.90
Trend: Downward
Sell at 85.41 SL 85.71 TP 85.01

Already made +6 pips profit on USD/JPY today from the following signal:
5:22 GMT+1 Sell USD/JPY at 85.38 SL 85.64 TP 84.88 exit sent at 5:53 GMT+1.
Total today +123, on Friday +92, as shown in details at http://www.zifx.com/performance.php.

USD/JPY