USD/JPY 81.53 - 30 December 2010

USD/JPY Open 81.61 High 82.38 Low 81.28 Close 81.60

On Wednesday Dollar/Yen continued decreasing significantly with nearly 80 pips, matching the negative Interbank sentiment at around -51%. The currency couple depreciated from 82.38 to 81.60 yesterday, closing the day at 81.60. This morning Yen strengthened further, pulling the Dollar further down to 81.28. On the 1 hour chart the downward channel is intact, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 82.38 would encourage further recovery of the Dollar. Immediate support is today's bottom at 81.28, and consistent break bellow it could strengthen the Yen further down towards next target 80.42. There are no major economic events for Japan today. 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 slightly declining, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 82.38 83.27 84.15
Technical support levels: 81.28 80.42 79.50

Trading range: 81.65 - 81.00
Trend: Downward
Sell at 81.53 SL 81.83 TP 81.13

Already made +8 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 81.46 SL 81.72 TP 80.96, exit sent at 6:30 GMT.
Total today +102, yesterday +101, as shown in details at http://www.zifx.com/performance.php.

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