USD/JPY 82.80 - 6 December 2010

USD/JPY Open 82.76 High 83.86 Low 82.51 Close 82.47

On Friday Dollar/Yen decreased with over 130 pips, in line with the negative Interbank sentiment at under -46%. The currency couple depreciated from 83.86 to 82.51 on Friday, closing the week at 82.47. Today correction was seen in the morning, followed by unconvincing bearish attempts. On the 1 hour chart new downward channel is taking shape, while on the 3 hour chart the upward channel has broken downwards. Break above Friday's top and nearest resistance 83.86 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.51, and consistent break bellow it could strengthen the Yen further down towards next target 81.69. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is thinly negative and declining, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 83.86 84.70 85.56
Technical support levels: 82.51 81.69 80.85

Trading range: 82.70 - 82.30
Trend: Downward
Sell at 82.80 SL 83.10 TP 82.40

Already made +16 pips profit on USD/JPY today from the following signal:
5:40 GMT Sell USD/JPY at 82.93 SL 83.19 TP 82.43, exit sent at 7:56 GMT.
Total today +134, on Friday +168, as shown in details at