USD/JPY 81.77 - 26 April 2011

USD/JPY Open 81.85 High 82.43 Low 81.55 Close 81.81

On Monday Dollar/Yen traded within 80 pip range, not exactly matching the negative Interbank sentiment at bellow -59%. The currency couple depreciated from 82.43 to 81.65 yesterday, closing the day at 81.81. This morning the Dollar descended further down against the Yen, reaching 81.55, but movements in general are very quiet. On the 1 hour chart new downward channel has formed, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.43 would encourage further recovery of the Dollar. Immediate support is today's bottom at 81.55, and consistent break bellow it could strengthen the Yen further down towards next target 80.69. Today is Japan Retail sales, at 23:50 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and inclining upwards, 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: 82.43 83.35 84.26
Technical support levels: 81.55 80.69 79.80

Trading range: 81.90 - 81.25
Trend: Downward
Sell at 81.77 SL 82.07 TP 81.37

Already made +5 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.69 SL 81.95 TP 81.19, exit sent at 5:39 GMT+1.
Total today +165, last Thursday +195, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com