USD/JPY 81.48 - 23 May 2011

USD/JPY Open 81.73 High 82.03 Low 81.31 Close 81.64

On Friday Dollar/Yen traded within a very narrow 30 pip range, not matching the negative Interbank sentiment at bellow -75%. The currency couple appreciated from 81.50 to 81.81 on Friday, closing the week at 81.64. This morning the Dollar widened the trading range against the Yen, dropping from 82.03 to 81.31. On the 1 hour chart new upward channel has emerged, while on the 3 hour trading new upward channel is beginning to form too. Break above today's top and nearest resistance 82.03 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 81.50, and consistent break bellow it could strengthen the Yen further down towards next target 80.55. Today were Japan Leading and Coincident indicators composite index, both at 5 GMT. Quotes are moving bellow the even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is neutral and calm, MACD is neutral and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 82.03 83.10 84.00
Technical support levels: 81.31 80.55 79.71

Trading range: 81.35 - 82.0-
Trend: Upward
Buy at 81.48 SL 81.18 TP 81.88

Already made +10 pips profit on USD/JPY today from the following signal:
5:28 GMT+1 Buy USD/JPY at 81.93 SL 81.67 TP 82.43, exit sent at 6:45 GMT+1.
Total today +165, on Friday +89, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com