USD/JPY 81.77 - 28 February 2011

USD/JPY Open 81.61 High 82.06 Low 81.59 Close 81.62

On Friday Dollar/Yen decreased insignificantly with under 50 pips, not matching the positive Interbank sentiment at almost +13%. The currency couple depreciated from 82.06 to 81.59 on Friday, closing the week at 81.62. This morning the Yen is trading quietly and within Friday's range for the time being. On the 1 hour chart range new downward channel has emerged, while on the 3 hour chart trading is within wide range. Break above Friday's top and nearest resistance 82.06 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 81.59, and consistent break bellow it could strengthen the Yen further down towards next target 80.73. Today are Japan Unemployment and Household spending, both at 23:30. Quotes are moving above the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bullish and medium term neutral pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.06 83.90 84.69
Technical support levels: 81.59 80.73 79.90

Trading range: 81.65 - 82.30
Trend: Upward
Buy at 81.77 SL 81.47 TP 82.17

Already made +2 pips profit on USD/JPY today from the following signal:
6:29 GMT Sell USD/JPY at 81.67 SL 81.93 TP 81.17, exit sent at 7:06 GMT.
Total today +114, on Friday +106, as shown in details at