USD/JPY 82.14 - 25 May 2011

USD/JPY Open 82.05 High 82.21 Low 81.61 Close 81.92

On Tuesday Dollar/Yen increased insignificantly with 60 pips, not matching the negative Interbank sentiment at bellow -69%, but generally the trading in range continues in the short term. The currency couple appreciated from 81.61 to 82.21 yesterday, closing the day at 81.92. This morning the Dollar is trading quietly against the Yen, and within yesterday's range for the time being. On the 1 hour chart the upward channel looks good, while on the 3 hour trading new upward channel is emerging. Break above yesterday's top and nearest resistance 82.21 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.61, and consistent break bellow it could strengthen the Yen further down towards next target 80.70. There are no major economic events for Japan today. Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is thinly positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.21 83.00 83.88
Technical support levels: 81.61 80.70 79.84

Trading range: 82.25 - 81.60
Trend: Downward
Sell at 82.14 SL 82.34 TP 81.74

Already made +20 pips profit on USD/JPY today from the following signal:
5:24 GMT+1 Buy USD/JPY at 81.95 SL 81.69 TP 82.45, exit sent at 9:34 GMT+1.
Total today +109, yesterday +97, as shown in details at