USD/JPY Technical Analysis 28 January 2011

By @ibtimes on

USD/JPY 82.70 - 28 January 2011
USD/JPY Open 82.88 High 83.22 Low 82.01 Close 82.86

On Thursday Dollar/Yen rose with 120 pips after S&P downgraded Japan, not matching the negative Interbank sentiment at almost -61%. The currency couple appreciated from 82.01 to 83.22 yesterday, closing the day at 82.86. Today movements are consolidating and without clear direction for now. On the 1 hour chart trading is within narrow range, 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 82.01, and consistent break bellow it could strengthen the Yen further down towards next target 81.16. There are no major economic events for Japan today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.22 84.00 84.90
Technical support levels: 82.01 81.16 80.33

Trading range: 82.80 - 82.20
Trend: Downward
Buy at 82.70 SL 83.00 TP 82.30

Already made +3 pips profit on USD/JPY today from the following signal:
5:38 GMT Sell USD/JPY at 82.62 SL 82.88 TP 82.12, exit sent at 5:44 GMT.
Total today +68, yesterday +131, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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