USD/JPY 85.18 - 7 April 2011

USD/JPY Open 85.31 High 85.52 Low 84.83 Close 85.48

On Wednesday Dollar/Yen decreased slightly with 80 pips, matching the very negative Interbank sentiment at bellow -10%. The currency couple depreciated from 85.52 to 84.83 yesterday, closing the day at 85.48. This morning the Dollar is showing weakness again against the Yen, but movements are within yesterday's range for now. 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 84.83, and consistent break bellow it could strengthen the Yen further down towards next target 84.00. Today are Japan BoJ meeting announcement, Current account and Trade balance, at 3:30 and 23:50 GMT respectively. Quotes are moving bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bearish and medium term neutral pressure. The value of the RSI indicator is negative and descending, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 85.52 86.38 87.21
Technical support levels: 84.83 84.00 83.09

Trading range: 85.30 - 84.65
Trend: Downward
Sell at 85.18 SL 85.48 TP 84.78

Already made +12 pips profit on USD/JPY today from the following signal:
5:29 GMT+1 Buy USD/JPY at 85.21 SL 84.95 TP 85.71, exit sent at 7:21 GMT+1.
Total today +94, yesterday +141, as shown in details at http://www.zifx.com/performance.php.

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