USD/JPY 82.08 - 4 January 2011

USD/JPY Open 81.67 High 82.28 Low 80.90 Close 81.72

On Monday Dollar/Yen continued started increasing significantly with nearly 90 pips, not matching the negative Interbank sentiment at around -53%. The currency couple appreciated from 80.90 to 81.77 yesterday, closing the day at 81.72. This morning bulls pushed the Yen even further up to 82.28. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart trading is still within wide range. Break above today's top and nearest resistance 82.24 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 80.90, and consistent break bellow it could strengthen the Yen further down towards next target 80.00. There are no major economic events for Japan today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 82.28 83.10 84.00
Technical support levels: 80.90 80.00 79.13

Trading range: 81.95 - 82.60
Trend: Upward
Buy at 82.08 SL 81.78 TP 82.48

Already made +16 pips profit on USD/JPY today from the following signal:
5:35 GMT Buy USD/JPY at 82.12 SL 81.86 TP 82.62, exit sent at 8:00 GMT.
Total today +124, yesterday +140, as shown in details at