USD/JPY 81.56 - 4 February 2011

USD/JPY Open 81.65 High 82.06 Low 81.39 Close 81.61

On Wednesday Dollar/Yen traded within 65 pip range, matching the neutral Interbank sentiment at over +2%. The currency couple depreciated from 82.06 to 81.39 yesterday, closing the day at 81.61. Today trading is tranquil and within yesterday's range for the time being. On the 1 hour chart the new small angle downward channel looks good, while on the 3 hour chart trading is at the lower side of the wide range. Break above yesterday's top and nearest resistance 82.06 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.39, and consistent break bellow it could strengthen the Yen further down towards next target 80.50. There are no major economic events for Japan today. Quotes are moving just about in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and rising, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 82.06 82.90 83.74
Technical support levels: 81.39 80.50 79.62

Trading range: 81.45 - 82.10
Trend: Upward
Buy at 81.56 SL 81.26 TP 81.96

Already made +7 pips profit on USD/JPY today from the following signal:
5:30 GMT Buy USD/JPY at 81.61 SL 81.35 TP 82.11, exit sent at 7:10 GMT.
Total today +73, yesterday +133, as shown in details at http://www.zifx.com/performance.php.

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