USD/JPY 80.23 - 7 June 2011
USD/JPY Open 80.13 High 80.39 Low 79.97 Close 80.09
On Monday Dollar/Yen decreased insignificantly with 40 pips, matching the negative Interbank sentiment at almost -80%. The currency couple depreciated from 80.39 to 79.97 yesterday, closing the day at 80.09. This morning the Dollar is trading hesitantly against the Yen, with movements within yesterday's range for the time being. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart trading is at the lower end of the wider range. Break above yesterday's top and nearest resistance 80.39 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.97, and consistent break bellow it could strengthen the Yen further down towards next target 79.00. 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 about in line with the almost even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is thinly positive and tranquil, MACD is thinly negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 80.39 81.29 82.14
Technical support levels: 79.97 79.00 78.16
Trading range: 80.35 - 79.70
Sell at 80.23 SL 80.53 TP 79.83
Already made +2 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 80.24 SL 80.50 TP 79.74, exit sent at 5:31 GMT+1.
Total today +155, yesterday +59, as shown in details at http://www.zifx.com/performance.php.