USD/JPY Technical Analysis 25 March 2011

By @ibtimes on

USD/JPY 81.23 - 25 March 2011

USD/JPY Open 81.01 High 81.38 Low 80.76 Close 80.99

On Thursday Dollar/Yen continued trading within a narrow 30 pip range, not matching the very negative Interbank sentiment at almost -78%. The currency couple depreciated from 81.05 to 80.76 yesterday, closing the day at 80.99. This morning the Dollar strengthened, climbing up to 81.38 against the Yen. 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 today's top and nearest resistance 81.38 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.76, and consistent break bellow it could strengthen the Yen further down towards next target 79.86. There are no major economic events for Japan today. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 81.38 82.20 83.00
Technical support levels: 80.76 79.86 79.00

Trading range: 81.10 - 81.75
Trend: Upward
Buy at 81.23 SL 80.93 TP 81.63

Already made +3 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 80.98 SL 81.24 TP 80.48, exit sent at 7:17 GMT.
Total today +140, yesterday +132, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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