USD/JPY 80.24 - 5 May 2011

USD/JPY Open 80.65 High 81.19 Low 80.20 Close 80.60

On Wednesday Dollar/Yen continued decreasing with nearly 80 pips, matching the negative Interbank sentiment at almost -60%. The currency couple depreciated first from 81.19 to 80.43 yesterday, closing the day at 80.60. This morning the Dollar weakened further against the Yen, dropping down to 80.20. On the 1 hour chart the downward channel has renewed, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 81.19 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.20, and consistent break bellow it could strengthen the Yen further down towards next target 79.44. Today is Japan Children's Day. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and dropping too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 81.19 82.00 82.11
Technical support levels: 80.20 79.44 78.50

Trading range: 80.35 - 80.70
Trend: Downward
Sell at 80.24 SL 80.54 TP 79.84

Already made +24 pips profit on USD/JPY today from the following signal:
5:28 GMT+1 Sell USD/JPY at 80.50 SL 80.76 TP 80.00, exit sent at 7:46 GMT+1.
Total today +135, yesterday +112, as shown in details at http://www.zifx.com/performance.php.

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