USD/JPY 83.48 - 7 January 2011

USD/JPY Open 83.29 High 83.59 Low 82.87 Close 83.31

On Thursday Dollar/Yen traded quietly and within narrow 50 pip range, not matching the negative Interbank sentiment at almost -33%. The currency couple depreciated from 83.39 to 82.87 yesterday, closing the day at 83.31. This morning bulls started pushing again the Dollar up to 83.59. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is still within wide range. Break above today's top and nearest resistance 83.59 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.87, and consistent break bellow it could strengthen the Yen further down towards next target 81.77. There are no major economic events for Japan today. 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 hesitant, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.59 84.45 85.30
Technical support levels: 82.87 81.77 80.90

Trading range: 83.35 - 84.00
Trend: Upward
Buy at 83.48 SL 83.18 TP 83.88

Already made +15 pips profit on USD/JPY today from the following signal:
5:32 GMT Buy USD/JPY at 83.45 SL 83.19 TP 83.95, exit sent at 8:32 GMT.
Total today +99, yesterday +97, as shown in details at