USD/JPY Technical Analysis 28 March 2011

By @ibtimes on

USD/JPY 81.66 - 28 March 2011

USD/JPY Open 81.43 High 81.85 Low 80.86 Close 81.28

On Friday Dollar/Yen commenced increasing with 65 pips, not matching the very negative Interbank sentiment at almost -74%. The currency couple appreciated from 80.86 to 81.53 on Friday, closing the week at 81.28. This morning the Dollar strengthened further, climbing up to 81.85 against the Yen. On the 1 hour chart trading is within a range, while on the 3 hour chart wide range trading has also formed. Break above today's top and nearest resistance 81.85 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 80.86, and consistent break bellow it could strengthen the Yen further down towards next target 80.00. Today are Japan Unemployment, Household spending and Retail sales, all 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 inclining upwards, MACD is positive and inclining quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 81.85 82.69 83.55
Technical support levels: 80.86 80.00 79.16

Trading range: 81.55 - 82.20
Trend: Upward
Buy at 81.66 SL 81.36 TP 82.06

Already made +11 pips profit on USD/JPY today from the following signal:
5:43 GMT Buy USD/JPY at 81.74 SL 81.48 TP 82.24, exit sent at 6:25 GMT.
Total today +120, on Friday +140, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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