USD/JPY 80.38 - 6 May 2011

USD/JPY Open 80.38 High 80.70 Low 79.55 Close 80.06

On Thursday Dollar/Yen continued decreasing with around 115 pips, matching the negative Interbank sentiment at almost -50%. The currency couple depreciated from 80.70 to 79.55 yesterday, closing the day at 80.06. This morning the Dollar commenced recovering against the Yen, but movements are still within yesterday's range. On the 1 hour chart the downward channel looks good, while on the 3 hour chart new downward channel is emerging. Break above yesterday's top and nearest resistance 80.70 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.55, and consistent break bellow it could strengthen the Yen further down towards next target 78.71. There are no major economic events for Japan today. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 80.70 81.59 82.44
Technical support levels: 79.55 78.71 77.85

Trading range: 80.50 - 80.85
Trend: Downward
Sell at 80.38 SL 80.68 TP 79.98

Already made +18 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 80.45 SL 80.71 TP 79.95, exit sent at 9:08 GMT+1.
Total today +130, yesterday +135, as shown in details at