USD/JPY Technical Analysis 24 February 2011

By @ibtimes on

USD/JPY 81.83 - 24 February 2011
USD/JPY Open 82.44 High 82.90 Low 81.76 Close 82.50

On Wednesday Dollar/Yen decreased insignificantly with around 60 pips, matching the negative Interbank sentiment at bellow -72%. The currency couple depreciated from 82.90 to 82.30 yesterday, closing the day at 82.50. This morning the Dollar dropped further down to 81.76 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 82.90 would encourage further recovery of the Dollar. Immediate support is today's bottom at 81.76, and consistent break bellow it could strengthen the Yen further down towards next target 81.10. Today are Japan Nationwide and Tokyo-area CPI, both at 23:30 GMT. Quotes are moving bellow the the 20 and 50 EMA on the 1 hour chart, indicating 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 light short signals.
Technical resistance levels: 82.90 83.74 84.61
Technical support levels: 81.76 80.89 80.00

Trading range: 81.95 - 81.30
Trend: Downward
Sell at 81.83 SL 82.13 TP 81.43

Already made +29 pips profit on USD/JPY today from the following signal:
5:29 GMT Sell USD/JPY at 82.12 SL 82.38 TP 81.62, exit sent at 7:49 GMT.
Total today +161, yesterday +134, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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