USD/JPY 83.17 - 6 January 2011
On Wednesday Dollar/Yen continued continued increasing significantly with over 150 pips, not matching the negative Interbank sentiment at around -46%. The currency couple appreciated from 81.87 to 83.38 yesterday, closing the day at 83.23. This morning trading is quiet and without clear direction for now. 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 yesterday's top and nearest resistance 83.38 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.87, and consistent break bellow it could strengthen the Yen further down towards next target 80.81. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 83.38 84.25 85.09
Technical support levels: 81.87 80.81 80.00
Sell at 83.17 SL 83.47 TP 82.77
Already made +5 pips profit on USD/JPY today from the following signal:
5:29 GMT Buy USD/JPY at 83.21 SL 82.95 TP 83.71, exit sent at 7:47 GMT.
Total today +97, yesterday +157, as shown in details at http://www.zifx.com/performance.php.