USD/JPY Technical Analysis 7 February 2011

By @ibtimes on

USD/JPY 82.35 - 7 February 2011
USD/JPY Open 82.21 High 82.47 Low 81.00 Close 82.14

On Friday Dollar/Yen jumped with nearly 150 pips on the good US economic data at 13:30 GMT, matching the positive Interbank sentiment at over +18%. The currency couple appreciated from 81.00 to 82.47 on Friday, closing the week at 82.14. Today trading is tranquil and without clear direction for now. On the 1 hour chart the new small angle downward channel still looks good, while on the 3 hour chart trading is still within a wide range. Break above Friday's top and nearest resistance 82.47 would encourage further recovery of the Dollar. Immediate support is Friday's bottom at 81.00, and consistent break bellow it could strengthen the Yen further down towards next target 80.13. Today are Japan Leading and Coincident indicators composite index, Current account, Trade balance and M2+CDs money supply, at 5 and 23:50 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.47 83.30 84.21
Technical support levels: 81.00 80.13 79.30

Trading range: 82.25 - 82.85
Trend: Upward
Buy at 82.35 SL 82.05 TP 82.75

Already made +25 pips profit on USD/JPY today from the following signal:
5:43 GMT Buy USD/JPY at 82.19 SL 81.93 TP 82.69, exit sent at 7:55 GMT.
Total today +138, on Friday +73, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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