USD/JPY 81.80 - 26 May 2011

USD/JPY Open 82.02 High 82.17 Low 81.66 Close 81.95

On Wednesday Dollar/Yen continued trading within narrow 40 pip range, not matching the negative Interbank sentiment at bellow -57%. The currency couple depreciated from 82.17 to 81.79 yesterday, closing the day at 81.95. This morning the Dollar weakened further against the Yen, decreasing down to 81.66. On the 1 hour chart the upward channel still looks good, while on the 3 hour trading new upward channel is emerging. Break above yesterday's top and nearest resistance 82.17 would encourage further recovery of the Dollar. Immediate support is today's bottom at 81.66, and consistent break bellow it could strengthen the Yen further down towards next target 80.70.Today are Japan Nationwide and Tokyo-area CPI, and Household spending at 23:50, and Japan Retail sales at 23:50 GMT respectively. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is thinly negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 82.17 83.00 83.88
Technical support levels: 81.66 80.70 79.84

Trading range: 81.90 - 81.30
Trend: Downward
Sell at 81.80 SL 82.10 TP 81.40

Already made +20 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Sell USD/JPY at 81.88 SL 82.14 TP 81.38, exit sent at 5:55 GMT+1.
Total today +106, yesterday +109, as shown in details at