USD/JPY 80.85 - 30 May 2011

USD/JPY Open 81.26 High 81.30 Low 80.69 Close 80.83

On Friday Dollar/Yen broke continued decreasing with 70 pips, matching the negative Interbank sentiment at bellow -65%. The currency couple depreciated from 81.30 to 80.69 on Friday, closing the week at 80.83. This morning the Dollar is trading quietly against the Yen, and at the lower side of Friday's range for now. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart range trading has formed. Break above Friday's top and nearest resistance 81.30 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 80.69, and consistent break bellow it could strengthen the Yen further down towards next target 79.80. Today are Japan Unemployment, Household spending and Industrial output, all at 23:30 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 negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 81.30 82.21 83.00
Technical support levels: 80.69 79.80 79.00

Trading range: 80.95 - 81.35
Trend: Downward
Sell at 80.85 SL 81.15 TP 80.45

Already made +3 pips profit on USD/JPY today from the following signal:
5:32 GMT+1 Sell USD/JPY at 80.80 SL 81.06 TP 80.30, exit sent at 6:11 GMT+1.
Total today +76, on Friday +85, as shown in details at http://www.zifx.com/performance.php.

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