USD/JPY Technical Analysis 7 March 2011

By @ibtimes on

USD/JPY 82.12 - 7 March 2011
USD/JPY Open 82.34 High 83.17 Low 82.04 Close 82.26

On Friday Dollar/Yen moved up and down within 100 pip range, not exactly matching the negative Interbank sentiment at nearly -71%. The currency couple appreciated first to 83.17, from where it dropped down to 82.20 on Friday, closing the week at 82.26. This morning the Dollar lost further ground against the Yen, reaching 82.04. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart trading is within wide range. Break above Friday's top and nearest resistance 83.17 would encourage further recovery of the Dollar. Immediate support is today's bottom at 82.04, and consistent break bellow it could strengthen the Yen further down towards next target 81.30. 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 just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 83.17 84.00 84.79
Technical support levels: 82.04 81.30 80.47

Trading range: 82.25 - 81.60
Trend: Downward
Sell at 82.12 SL 82.42 TP 81.72

Already made +20 pips profit on USD/JPY today from the following signal:
5:30 GMT Sell USD/JPY at 82.24 SL 82.50 TP 82.50, exit sent at 8:33 GMT.
Total today +117, on Friday +78, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion