USD/JPY 82.52 - 4 March 2011

USD/JPY Open 82.35 High 82.62 Low 81.71 Close 82.42

On Thursday Dollar/Yen increased with over 80 pips, matching the positive Interbank sentiment at nearly +7%. The currency couple appreciated from 81.71 to 82.52 yesterday, closing the day at 82.42. This morning the Dollar strengthened further against the Yen, reaching up to 82.62. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart trading is within wide range. Break above yesterday's top and nearest resistance 82.52 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.71, and consistent break bellow it could strengthen the Yen further down towards next target 81.00. 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 rising, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 82.62 82.42 83.30
Technical support levels: 81.71 81.00 80.84

Trading range: 82.40 - 83.05
Trend: Upward
Buy at 82.52 SL 82.22 TP 82.92

Already made +5 pips profit on USD/JPY today from the following signal:
5:28 GMT Sell USD/JPY at 82.36 SL 82.62 TP 81.86, exit sent at 5:58 GMT.
Total today +78, yesterday +91, as shown in details at