USD/JPY Technical Analysis 8 February 2011

By @ibtimes on

USD/JPY 82.17 - 8 February 2011
USD/JPY Open 82.28 High 82.47 Low 81.98 Close 82.31

On Monday Dollar/Yen traded within narrow 30 pip range, not exactly matching the positive Interbank sentiment at almost +20%. The currency couple appreciated from 82.15 to 82.47 yesterday, closing the day at 82.31. Today the pair weakened down to 81.98. On the 1 hour chart quotes are testing the upper limit of the small angle downward channel, while on the 3 hour chart trading is still within a wide range. Break above yesterday's top and nearest resistance 82.47 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.15, and consistent break bellow it could strengthen the Yen further down towards next target 81.30. There are no major economic events for Japan today. 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 neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 82.47 83.33 84.21
Technical support levels: 81.98 81.10 80.33

Trading range: 82.30 - 81.65
Trend: Downward
Sell at 82.17 SL 82.47 TP 81.77

Already made +10 pips profit on USD/JPY today from the following signal:
5:33 GMT Buy USD/JPY at 82.21 SL 81.95 TP 82.71, exit sent at 6:00 GMT.
Total today +129, yesterday +138, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion