USD/JPY 83.93 - 8 December 2010

USD/JPY Open 83.50 High 84.07 Low 82.33 Close 83.47

On Tuesday Dollar/Yen traded commenced significant ascending, in converse with the negative Interbank sentiment at nearly -43%. The currency couple appreciated from 82.33 to 83.67 yesterday, closing the day at 83.47. Today bulls pushed the pair further up to 84.07. On the 1 hour chart trading is within wide range, while on the 3 hour chart the upward channel is trying to resume. Break above today's top and nearest resistance 84.02 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.33, and consistent break bellow it could strengthen the Yen further down towards next target 81.52. Today is Japan's Real GDP at 23:50 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and in the overbought zone, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long to neutral signals.
Technical resistance levels: 84.07 84.80 85.64
Technical support levels: 82.33 81.52 80.70

Trading range: 84.05 - 83.40
Trend: Downward
Sell at 83.93 SL 84.23 TP 83.53

Already made +17 pips profit on USD/JPY today from the following signal:
5:31 GMT Buy USD/JPY at 83.85 SL 83.59 TP 84.35, exit sent at 6:40 GMT.
Total today +140, yesterday +106, as shown in details at http://www.zifx.com/performance.php.

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