USD/JPY Technical Analysis 3 May 2011

By @ibtimes on

USD/JPY 81.07 - 3 May 2011

USD/JPY Open 81.18 High 81.69 Low 80.89 Close 81.21

On Monday Dollar/Yen increased sharply in the morning with 70 pips, than turned around, losing the earlier gains, matching the negative Interbank sentiment at bellow -63%. The currency couple appreciated first from 80.99 to 81.69 yesterday before beginning to drop, closing the day at 81.21. This morning the Dollar weakened against the Yen, descending down to 80.97. On the 1 hour chart the downward channel is making renewal attempts, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 81.69 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.89, and consistent break bellow it could strengthen the Yen further down towards next target 80.00. Today is Japan Constitution Day. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 81.69 82.55 83.44
Technical support levels: 80.89 80.00 79.16

Trading range: 81.20 - 80.55
Trend: Downward
Sell at 81.07 SL 81.37 TP 80.67

Already made +15 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 81.04 SL 81.30 TP 80.54, exit sent at 6:46 GMT+1.
Total today +137, yesterday +93, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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