USD/JPY Technical Analysis 24 May 2011

By @ibtimes on

USD/JPY 81.90 - 24 May 2011

USD/JPY Open 81.96 High 82.08 Low 81.31 Close 81.99

On Monday Dollar/Yen widened the trading range to nearly 80 pips, not matching the negative Interbank sentiment at bellow -68%. The currency couple appreciated from 81.31 to 82.08 yesterday, closing the day at 81.99. This morning the Dollar is trading quietly against the Yen, and within yesterday's range for the time being. On the 1 hour chart new upward channel has emerged, while on the 3 hour trading new upward channel is also beginning to form. Break above yesterday's top and nearest resistance 82.08 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.31, and consistent break bellow it could strengthen the Yen further down towards next target 80.44. Today are Japan Trade balance and BoJ meeting minutes, both at 23:50 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 82.08 83.00 83.88
Technical support levels: 81.31 80.44 79.56

Trading range: 82.00 - 82.40
Trend: Downward
Sell at 81.90 SL 82.20 TP 81.50

Already made +8 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Sell USD/JPY at 81.82 SL 82.08 TP 81.32, exit sent at 7:24 GMT+1.
Total today +97, yesterday +165, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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