USD/JPY 80.96 - 3 June 2011

USD/JPY Open 80.95 High 81.33 Low 80.56 Close 80.88

On Thursday Dollar/Yen decreased with 75 pips, but trading continued to be in range, matching the neutral Interbank sentiment at bellow +1%. The currency couple depreciated from 81.33 to 80.56 yesterday, closing the day at 80.88. This morning the Dollar is showing again weakness against the Yen, but yesterday's bottom is holding for now. On the 1 hour chart quotes are testing the lower limit of the trading range, while on the 3 hour chart trading is within wider range. Break above yesterday's top and nearest resistance 81.33 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.56, and consistent break bellow it could strengthen the Yen further down towards next target 79.70. 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 tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 81.33 82.20 83.13
Technical support levels: 80.56 79.70 78.56

Trading range: 80.75 - 80.10
Trend: Downward
Sell at 80.63 SL 80.93 TP 80.23

Already made +13 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 80.75 SL 81.01 TP 80.25, exit sent at 8:56 GMT+1.
Total today +72, yesterday +110, as shown in details at