USD/JPY Technical Analysis 24 January 2011

By @ibtimes on

USD/JPY 82.93 - 24 January 2011
USD/JPY Open 82.58 High 83.13 Low 82.04 Close 82.52

On Friday Dollar/Yen increased significantly with over 100 pips, not matching the negative Interbank sentiment at almost -70%. The currency couple appreciated from 82.04 to 83.13 on Friday, closing the week at 82.52. Today trading is slightly up again, but within Friday's range for now. On the 1 hour chart narrow range trading has formed, while on the 3 hour chart trading is within wide range. Break above Friday's top and nearest resistance 83.13 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 82.04, and consistent break bellow it could strengthen the Yen further down towards next target 81.90. Today is Japan BoJ meeting 1st day. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.13 84.00 84.89
Technical support levels: 82.04 81.90 80.77

Trading range: 82.65 - 83.30
Trend: Upward
Buy at 82.76 SL 82.46 TP 83.16

Already made +19 pips profit on USD/JPY today from the following signal:
6:36 GMT Buy USD/JPY at 82.74 SL 82.48 TP 83.24, exit sent at 8:14 GMT.
Total today +135, last Friday +158, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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