USD/JPY 84.92 - 30 August 2010

USD/JPY Open 85.49 High 85.90 Low 84.29 Close 85.18

On Friday Dollar/Yen increasing with over 100 pips, in converse with the negative Interbank sentiment at nearly -79%. The currency couple appreciated from 84.29 to 85.43 on Friday, closing the week at 85.18. Today, after bulls pushed quotes further to 85.90, the pair started collapsing. On the 1 hour the trading is back within wide range, and on the 3 hour chart quotes are still testing the upper limit of the downward channel. Break above today's top and nearest resistance 85.90 would support further recovery of the Dollar. Immediate support is Friday's bottom at 84.29, and consistent break bellow it could strengthen the Yen further down towards next target 83.40. Today are Japan Industrial output and Retail sales, both at 23:50 GMT. 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 declining, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 85.90 86.67 87.72
Technical support levels: 84.29 83.40 82.52

Trading range: 85.05 - 84.40
Trend: Downward
Sell at 84.92 SL 85.22 TP 84.52

Already made +19 pips profit on USD/JPY today from the following signal:
7:19 GMT+1 Sell USD/JPY at 85.11 SL 85.37 TP 84.61 exit sent at 7:24 GMT+1.
Total today +96, on Friday +81, as shown in details at http://www.zifx.com/performance.php.

USD/JPY