USD/JPY 81.11 - 27 May 2011

USD/JPY Open 81.26 High 82.05 Low 80.83 Close 81.28

On Thursday Dollar/Yen broke down of the narrow range and decreased with 90 pips, matching the negative Interbank sentiment at bellow -54%. The currency couple depreciated from 82.05 to 81.14 yesterday, closing the day at 81.28. This morning the Dollar weakened further against the Yen, dropping down to 80.88. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart range trading has formed. Break above yesterday's top and nearest resistance 82.05 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.83, and consistent break bellow it could strengthen the Yen further down towards next target 80.00. There are no major economic events for Japan today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 82.05 83.00 83.88
Technical support levels: 80.83 80.00 79.13

Trading range: 81.25 - 81.60
Trend: Downward
Sell at 81.11 SL 81.41 TP 80.71

Already made +18 pips profit on USD/JPY today from the following signal:
5:31 GMT+1 Sell USD/JPY at 81.06 SL 81.32 TP 80.56, exit sent at 9:16 GMT+1.
Total today +85, yesterday +106, as shown in details