USD/JPY Technical Analysis 26 January 2011

By @ibtimes on

USD/JPY 82.22 - 26 January 2011
USD/JPY Open 82.25 High 82.67 Low 81.96 Close 82.22

On Tuesday Dollar/Yen continued decreasing with around 70 pips, after the quiet European session, matching the negative Interbank sentiment at over -67%. The currency couple depreciated from 82.67 to 81.96 yesterday, closing the day at 82.22. Today trading is at the lower side of yesterday's range. On the 1 hour chart trading is within narrow range, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 82.67 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.96, and consistent break bellow it could strengthen the Yen further down towards next target 81.00. Today are Japan BoJ monthly economic report and Japan Trade balance December, at 5 and 23:50 GMT respectively. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and tranquil, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.67 83.52 84.40
Technical support levels: 81.96 81.00 80.14

Trading range: 82.35 - 81.70
Trend: Downward
Sell at 82.22 SL 82.52 TP 81.82

Already made +6 pips profit on USD/JPY today from the following signal:
5:29 GMT Sell USD/JPY at 82.02 SL 82.28 TP 81.52, exit sent at 8:59 GMT.
Total today +77, yesterday +108, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion