USD/JPY 84.81 - 27 August 2010

USD/JPY Open 84.35 High 84.88 Low 84.27 Close 84.44

On Thursday Dollar/Yen decreasing insignificantly, in line with the negative Interbank sentiment at nearly -80%. The currency couple depreciated from 84.88 to 84.33 yesterday, closing the day at 84.44. Today bulls are trying to take over again, but unconvincingly for now. On the 1 hour the pair is adjusting upwards, and on the 3 hour chart quotes are testing the upper limit of the downward channel. Break above yesterday's top and nearest resistance 84.88 would support further recovery of the Dollar. Immediate support is today's bottom at 84.27, and consistent break bellow it could strengthen the Yen further down towards next target 83.40. Today are Japan Nationwide CPI, Tokyo-area CPI, Unemployment and Household spending, all at 23:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 84.88 86.67 87.72
Technical support levels: 84.27 83.40 82.52

Trading range: 84.95 - 84.30
Trend: Downward
Sell at 84.81 SL 85.11 TP 84.41

Already made +29 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Buy USD/JPY at 84.56 SL 84.30 TP 85.06 exit sent at 7:11 GMT+1.
Total today +81, yesterday +112, as shown in details at http://www.zifx.com/performance.php.

USD/JPY