USD/JPY 84.25 - 3 September 2010

USD/JPY Open 84.28 High 84.55 Low 84.04 Close 84.27

On Thursday Dollar/Yen decreased slightly, in converse with the positive Interbank sentiment at around +11%. The currency couple depreciated from 84.55 to 84.04 yesterday, closing the day at 84.27. Today the trading is hesitant with unconvincing bearish efforts for now. On the 1 hour chart the trading is back within wide range, and on the 3 hour chart the downward channel is trying to renew. Break above yesterday's top and nearest resistance 84.55 would embolden further recovery of the Dollar. Immediate support is yesterday's bottom at 84.04, and consistent break bellow it could strengthen the Yen further down towards next target 83.00. 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. The value of the RSI indicator is positive and inclining upwards, 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: 84.55 85.42 86.67
Technical support levels: 84.04 83.00 82.52

Trading range: 84.15 - 84.75
Trend: Upward
Buy at 84.25 SL 83.95 TP 84.65

Already made +15 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Sell USD/JPY at 84.31 SL 84.57 TP 83.81 exit sent at 5:57 GMT+1.
Total today +92, yesterday +142, as shown in details at