USD/JPY Technical Analysis 25 January 2011

By @ibtimes on

USD/JPY 82.45 - 25 January 2011
USD/JPY Open 82.53 High 82.93 Low 82.29 Close 82.51

On Monday Dollar/Yen decreased with over 60 pips, after insignificant climb in the morning, matching the negative Interbank sentiment at almost -64%. The currency couple depreciated from 82.93 to 82.29 yesterday, closing the day at 82.51. Today trading is neutral, and within yesterday'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 yesterday's top and nearest resistance 82.93 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.29, and consistent break bellow it could strengthen the Yen further down towards next target 81.40. Today was Japan BoJ meeting announcement, already passed at 3:30 GMT. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and tranquil, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 82.93 83.80 84.67
Technical support levels: 82.29 81.40 80.49

Trading range: 82.55 - 81.95
Trend: Downward
Sell at 82.45 SL 82.75 TP 82.05

Already made +3 pips profit on USD/JPY today from the following signal:
5:33 GMT Sell USD/JPY at 82.41 SL 82.67 TP 81.91, exit sent at 7:38 GMT.
Total today +108, yesterday +135, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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