USD/JPY Technical Analysis 29 April 2011

By @ibtimes on

USD/JPY 81.46 - 29 April 2011

USD/JPY Open 81.54 High 82.28 Low 81.39 Close 81.51

On Thursday Dollar/Yen decreased insignificantly with almost 90 pips, matching the negative Interbank sentiment at bellow -67%. The currency couple depreciated from 82.28 to 81.39 yesterday, closing the day at 81.51. This morning the Dollar is trading neutrally against the Yen, testing yesterday's bottom, which is holding the downward breaks for now. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 82.28 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.39, and consistent break bellow it could strengthen the Yen further down towards next target 80.36. Today is Japan Day of the Nature. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 82.28 83.15 84.00
Technical support levels: 81.39 80.36 79.50

Trading range: 81.60 - 80.95
Trend: Downward
Sell at 81.46 SL 81.76 TP 81.06

Already made +12 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.56 SL 81.82 TP 81.06, exit sent at 9:31 GMT+1.
Total today +132, yesterday +97, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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