USD/JPY 84.69 - 26 August 2010

USD/JPY Open 84.68 High 84.88 Low 84.13 Close 84.56

On Wednesday Dollar/Yen increasing insignificantly, in converse with the very negative Interbank sentiment at nearly -80%. The currency couple appreciated from 84.13 to 84.81 yesterday, closing the day at 84.56. Today trading extended up to 84.88, but without strong bullish impulse. On the 1 hour the pair broke down of the range trading, and on the 3 hour chart the downward channel looks good. Break above today's top and nearest resistance 84.88 would support further recovery of the Dollar. Immediate support is yesterday's bottom at 84.13, and consistent break bellow it could strengthen the Yen further down towards next target 83.00. There are no major economic events for Japan today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 84.88 86.67 87.72
Technical support levels: 84.13 83.00 82.18

Trading range: 84.80 - 84.15
Trend: Downward
Sell at 84.69 SL 84.99 TP 84.29

Already made +8 pips profit on USD/JPY today from the following signal:
5:36 GMT+1 Buy USD/JPY at 84.75 SL 84.49 TP 85.25 exit sent at 6:28 GMT+1.
Total today +112, yesterday +83, as shown in details at http://www.zifx.com/performance.php.

USD/JPY