USD/JPY 83.59 - 3 December 2010

USD/JPY Open 83.73 High 84.37 Low 83.47 Close 83.75

On Wednesday Dollar/Yen decreased with around 90 pips, in line with the negative Interbank sentiment at around -21%. The currency couple depreciated from 84.37 to 83.47 yesterday, still moving in this week's narrow range, closing the day at 83.75. Today bears are trying to push further down, but unconvincing for now. On the 1 hour quotes are testing the lower limit of the upward channel, while on the 3 hour chart the upward channel has slowed down. Break above yesterday's top and nearest resistance 84.37 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.47, and consistent break bellow it could strengthen the Yen further down towards next target 82.61. 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 calm, 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: 84.37 85.20 86.03
Technical support levels: 83.47 82.61 81.77

Trading range: 83.70 - 83.05
Trend: Downward
Sell at 83.59 SL 83.89 TP 83.19

Already made +13 pips profit on USD/JPY today from the following signal:
5:32 GMT Sell USD/JPY at 83.67 SL 83.93 TP 83.17, exit sent at 6:32 GMT.
Total today +168, yesterday +101, as shown in details at http://www.zifx.com/performance.php.

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