USD/JPY 85.23 - 8 April 2011

USD/JPY Open 84.96 High 85.50 Low 84.58 Close 84.88

On Thursday Dollar/Yen decreased slightly with 90 pips, matching the negative Interbank sentiment at bellow -21%. The currency couple depreciated from 85.50 to 84.58 yesterday, closing the day at 84.88. This morning the Dollar is moving hesitantly against the Yen, and within yesterday's range for now, but as the new yesterday's earth quake at 7.4 magnitude in Honshu may bring new radiation risks, Yen may weaken further. On the 1 hour chart the upward channel looks good, while on the 3 hour chart new upward channel has emerged. Break above yesterday's top and nearest resistance 85.50 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 84.58, and consistent break bellow it could strengthen the Yen further down towards next target 83.70. Today was Japan BoJ monthly economic report, already passed at 5 GMT. Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 85.50 86.38 87.21
Technical support levels: 84.58 83.70 82.56

Trading range: 85.10 - 85.75
Trend: Upward
Buy at 85.23 SL 84.93 TP 85.63

Already made +21 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Buy USD/JPY at 85.08 SL 84.82 TP 85.58, exit sent at 8:57 GMT+1.
Total today +113, yesterday +94, as shown in details at