USD/JPY 82.24 - 29 December 2010

USD/JPY Open 82.35 High 82.78 Low 81.80 Close 82.37

On Tuesday Dollar/Yen continued decreasing significantly with nearly 100 pips, matching the negative Interbank sentiment at nearly -46%. The currency couple depreciated from 82.78 to 81.80 yesterday, closing the day at 82.37. This morning Yen adjusted upwards and it's trading quietly for now. On the 1 hour chart new downward channel has formed, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.78 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.80, and consistent break bellow it could strengthen the Yen further down towards next target 81.00. 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 declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 82.78 83.65 84.50
Technical support levels: 81.80 81.00 80.11

Trading range: 82.35 - 81.70
Trend: Downward
Sell at 82.24 SL 82.54 TP 81.84

Already made +23 pips profit on USD/JPY today from the following signal:
5:35 GMT Sell USD/JPY at 82.28 SL 82.54 TP 81.78, exit sent at 7:58 GMT.
Total today +101, yesterday +87, as shown in details at