USD/JPY 84.48 - 24 August 2010

USD/JPY Open 85.17 High 85.67 Low 84.15 Close 85.15

On Monday Dollar/Yen decreased insignificantly, in line with the negative Interbank sentiment at nearly -1%. The currency couple depreciated from 85.67 to 85.05 yesterday, closing the day at 85.15. Today bears pushed further with 100 pips down to 84.15. On the 1 hour the pair broke down of the range trading, and on the 3 hour chart the downward channel is intact again. Break above yesterday's top and nearest resistance 85.67 would support further recovery of the Dollar. Immediate support is today's bottom at 84.15, and consistent break bellow it could strengthen the Yen further down towards next target 83.30. There are no major economic events for Japan today. Quotes are moving way bellow the 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 85.67 86.67 87.72
Technical support levels: 84.15 83.30 82.18

Trading range: 84.60 - 83.95
Trend: Downward
Sell at 84.48 SL 84.78 TP 84.08

Already made +38 pips profit on USD/JPY today from the following signal:
5:36 GMT+1 Sell USD/JPY at 85.00 SL 85.26 TP 84.50 exit sent at 8:20 GMT+1.
Total today +147, yesterday +123, as shown in details at