USD/JPY 81.02 - 24 March 2011

USD/JPY Open 80.85 High 81.07 Low 80.70 Close 80.92

On Wednesday Dollar/Yen decreased insignificantly with less than 40 pips, not exactly matching the very negative Interbank sentiment at almost -78%. The currency couple depreciated from 81.07 to 80.70 yesterday, closing the day at 80.92. This morning the Dollar is moving quietly and within yesterday's range against the Yen for now. On the 1 hour chart trading has moved into a range, while on the 3 hour chart wide range trading has also formed. Break above yesterday's top and nearest resistance 81.07 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.80, and consistent break bellow it could strengthen the Yen further down towards next target 79.86. Today is Japan Nationwide and Tokyo area CPI, both at 23:30 GMT. Quotes are moving in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and declining, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.07 82.20 83.00
Technical support levels: 80.70 79.86 79.00

Trading range: 81.15 - 80.50
Trend: Downward
Sell at 81.02 SL 81.32 TP 80.62

Already made +25 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 81.00 SL 81.26 TP 80.50, exit sent at 7:41 GMT.
Total today +132, yesterday +99, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com