USD/JPY 83.81 - 23 February 2011

USD/JPY Open 82.76 High 83.43 Low 82.53 Close 82.79

On Tuesday Dollar/Yen decreased insignificantly with around 90 pips, matching the negative Interbank sentiment at bellow -64%. The currency couple depreciated from 83.43 to 82.57 yesterday, closing the day at 82.79. This morning the Dollar dropped further down to 82.53 against the Yen. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is within wider range. Break above yesterday's top and nearest resistance 83.43 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.53, and consistent break bellow it could strengthen the Yen further down towards next target 81.70. There are no major economic events for Japan today. Quotes are moving just above the the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish impulse and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.43 84.28 85.45
Technical support levels: 82.53 81.70 80.88

Trading range: 82.65 - 83.25
Trend: Upward
Buy at 82.75 SL 82.45 TP 83.15

Already made +5 pips profit on USD/JPY today from the following signal:
5:29 GMT Sell USD/JPY at 82.61 SL 82.87 TP 82.11, exit sent at 5:32 GMT.
Total today +134, yesterday +140, as shown in details at