USD/JPY 84.66 - 25 August 2010

USD/JPY Open 84.20 High 85.19 Low 83.74 Close 83.91

On Tuesday Dollar/Yen continued decreasing with over 100 pips, in converse with the positive Interbank sentiment at nearly +16%. The currency couple depreciated from 85.19 to 83.74 yesterday, closing the day at 83.91. Today trading is hesitant and with some adjustment movements for now. 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 85.19 would support further recovery of the Dollar. Immediate support is today's bottom at 83.74, and consistent break bellow it could strengthen the Yen further down towards next target 83.00. Today is Japan Trade balance for July at 23:50 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 85.19 86.67 87.72
Technical support levels: 83.74 83.00 82.18

Trading range: 84.80 - 84.15
Trend: Downward
Sell at 84.66 SL 84.96 TP 84.26

Already made +5 pips profit on USD/JPY today from the following signal:
5:34 GMT+1 Sell USD/JPY at 84.27 SL 84.53 TP 83.77 exit sent at 6:13 GMT+1.
Total today +83, yesterday +159, as shown in details at http://www.zifx.com/performance.php.

USD/JPY