USD/JPY 79.94 - 8 June 2011

USD/JPY Open 80.15 High 80.33 Low 79.74 Close 80.06

On Tuesday Dollar/Yen decreased insignificantly with nearly 40 pips, matching the negative Interbank sentiment at almost -80%. The currency couple depreciated from 80.33 to 79.96 yesterday, closing the day at 80.06. This morning the Dollar weakened further against the Yen, dropping down to 79.74. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart trading is testing the lower limit of the wider range. Break above yesterday's top and nearest resistance 80.33 would encourage further recovery of the Dollar. Immediate support is today's bottom at 79.74, and consistent break bellow it could strengthen the Yen further down towards next target 78.90. Today is Japan Real GDP at 23:50 GMT. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 80.33 81.29 82.14
Technical support levels: 79.74 78.90 78.00

Trading range: 80.05 - 79.40
Trend: Downward
Sell at 79.94 SL 80.24 TP 79.54

Already made +15 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 79.95 SL 80.21 TP 79.45, exit sent at 8:51 GMT+1.
Total today +135, yesterday +155, as shown in details at