USD/JPY Technical Analysis 3 February 2011

By @ibtimes on

USD/JPY 81.73 - 3 February 2011
USD/JPY Open 81.49 High 81.86 Low 81.28 Close 81.54

On Wednesday Dollar/Yen traded within 60 pip range, matching the neutral Interbank sentiment at nearly -8%. The currency couple appreciated from 81.28 to 81.86 yesterday, closing the day at 81.54. Today trading is tranquil and within yesterday's range for the time being. On the 1 hour chart the new small angle downward channel looks good, while on the 3 hour chart the wide range trading remains. Break above yesterday's top and nearest resistance 81.86 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.28, and consistent break bellow it could strengthen the Yen further down towards next target 80.40. There are no major economic events for Japan today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 81.86 82.70 83.58
Technical support levels: 81.28 80.40 79.51

Trading range: 81.85 - 81.20
Trend: Downward
Sell at 81.73 SL 82.03 TP 81.33

Already made +8 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 81.63 SL 81.89 TP 81.13, exit sent at 7:59 GMT.
Total today +133, yesterday +105, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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