USD/JPY 84.96 - 6 April 2011

USD/JPY Open 85.14 High 85.52 Low 84.11 Close 84.85

On Tuesday Dollar/Yen resumed increasing insignificantly with over 110 pips, not matching the very negative Interbank sentiment at almost -48%. The currency couple appreciated from 84.11 to 85.24 yesterday, closing the day at 84.85. This morning the Dollar continued strengthening, climbing up to 85.52 against the Yen. On the 1 hour chart the upward channel is intact, while on the 3 hour chart new upward channel has emerged. Break above yesterday's top and nearest resistance 85.52 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 84.11, and consistent break bellow it could strengthen the Yen further down towards next target 83.26. Today were Japan Leading and Coincident composite index indicators, both already passed at 5 GMT. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is thinly positive and calm, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 85.52 86.38 87.21
Technical support levels: 84.11 83.26 82.40

Trading range: 84.85 - 85.50
Trend: Upward
Buy at 84.96 SL 84.66 TP 85.36

Already made +6 pips profit on USD/JPY today from the following signal:
5:37 GMT+1 Buy USD/JPY at 85.32 SL 85.06 TP 85.82, exit sent at 8:03 GMT+1.
Total today +141, yesterday +127, as shown in details at