USD/JPY 81.86 - 3 March 2011

USD/JPY Open 81.81 High 82.20 Low 81.56 Close 81.85

On Wednesday Dollar/Yen decreased insignificantly with under 70 pips, not matching the positive Interbank sentiment at over +3%. The currency couple depreciated from 82.20 to 81.78 yesterday, closing the day at 81.85. This morning the Yen is moving neutrally and within yesterday's range for now. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.20 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.56, and consistent break bellow it could strengthen the Yen further down towards next target 80.70. 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 neutral and calm, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.20 83.00 83.91
Technical support levels: 81.56 80.70 80.84

Trading range: 82.00 - 81.35
Trend: Downward
Sell at 81.86 SL 82.16 TP 81.46

Already made +13 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 81.85 SL 82.11 TP 81.35, exit sent at 9:00 GMT.
Total today +91, yesterday +136, as shown in details at