USD/JPY 87.82 - 6 July 2010

USD/JPY Open 87.64 High 88.00 Low 87.42 Close 87.75

On Monday Dollar/Yen continued decreasing, not matching the positive Interbank sentiment at nearly +10%. The currency couple depreciated from 88.00 to 87.66 yesterday, closing the day at 87.75. Today the pair made an upward correction, but it's trading without clear direction for now. On the 1 hour chart the downward channel is intact, while on the 3 hour chart the bigger downward channel also looks good. Break above yesterday's top and nearest resistance 88.00 would support further recovery of the Dollar. Immediate support is this morning's bottom at 87.42, and consistent break bellow it could strengthen the Yen further down towards next target 86.40. Today are the Japan Leading and Coincident indicators composite indexes, both at 5 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish market. The value of the RSI indicator is positive and climbing, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.Technical resistance levels: 88.00 89.55 90.71Technical support levels: 87.42 86.40 85.26

Trading range: 87.70 - 88.35Trend: UpwardBuy at 87.82 SL 87.52 TP 88.22

Already made +6 pips profit on USD/JPY today from the following signal:5:30 GMT+1 Sell USD/JPY at 87.58 SL 87.84 TP 87.08 exit at 5:33 GMT+1.Total today +132, yesterday +100, as shown in details at http://www.zifx.com/performance.php.