USD/JPY 82.70 - 27 January 2011

USD/JPY Open 82.18 High 83.22 Low 81.95 Close 82.15

On Wednesday Dollar/Yen continued continued trading within almost 70 pip range, not matching the negative Interbank sentiment at almost -70%. The currency couple appreciated from 81.95 to 82.62 yesterday, closing the day at 82.15. Today the pair jumped to 83.22 as S&P continues to downgrades Japan. On the 1 hour chart trading is at the top of a small angle downhill slope, while on the 3 hour chart the wide range trading remains. Break above today's top and nearest resistance 83.22 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.95, and consistent break bellow it could strengthen the Yen further down towards next target 81.00. Today are Japan Nationwide and Tokyo-area CPI, Unemployment and Household spending at 23:30, and Retail sales and BoJ meeting minutes at 23:50 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and inclining upwards too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 83.22 84.00 84.90
Technical support levels: 81.95 81.00 80.14

Trading range: 82.60 - 83.20
Trend: Upward
Buy at 82.70 SL 82.40 TP 83.10

Already made +3 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 82.16 SL 82.42 TP 81.66, exit sent at 6:56 GMT.
Total today +131, yesterday +77, as shown in details at http://www.zifx.com/performance.php.

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