USD/JPY 82.01 - 25 February 2011

USD/JPY Open 81.02 High 82.47 Low 81.59 Close 81.88

On Thursday Dollar/Yen continued decreasing significantly with nearly 90 pips, not matching the positive Interbank sentiment at almost +15%. The currency couple depreciated from 82.47 to 81.59 yesterday, closing the day at 81.88. This morning the Yen is trading hesitantly and within yesterday's range for the time being. On the 1 hour chart range new downward channel has emerged, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.47 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.59, and consistent break bellow it could strengthen the Yen further down towards next target 80.73. There are no major economic events for Japan today. Quotes are moving almost in line with the the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and declining, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 82.47 83.33 84.20
Technical support levels: 81.59 80.73 79.90

Trading range: 82.15 - 81.50
Trend: Downward
Sell at 82.01 SL 82.31 TP 81.61

Already made +13 pips profit on USD/JPY today from the following signal:
5:28 GMT Sell USD/JPY at 81.92 SL 82.18 TP 81.42, exit sent at 7:06 GMT.
Total today +106, yesterday +161, as shown in details at http://www.zifx.com/performance.php.

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