USD/JPY 82.25 - 31 January 2011

USD/JPY Open 82.09 High 82.93 Low 81.75 Close 82.07

On Friday Dollar/Yen dropped with almost 100 pips, matching the negative Interbank sentiment at above -62%. The currency couple depreciated from 82.93 to 81.98 on Friday, closing the week at 82.07. Today the bearish trend extended further down to 81.75. On the 1 hour chart trading is at the lower side of the narrow range, while on the 3 hour chart the wide range trading remains. Break above Friday's top and nearest resistance 82.93 would encourage further recovery of the Dollar. Immediate support is today's bottom at 81.75, and consistent break bellow it could strengthen the Yen further down towards next target 80.90. Today were Japan Housing starts and Construction orders, already passed at 5 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.93 83.75 84.60
Technical support levels: 81.75 80.90 80.00

Trading range: 82.35 - 81.75
Trend: Downward
Buy at 82.25 SL 82.55 TP 81.85

Already made +15 pips profit on USD/JPY today from the following signal:
5:17 GMT Sell USD/JPY at 82.06 SL 82.32 TP 81.56, exit sent at 6:00 GMT.
Total today +92, on Friday +68, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com