USD/JPY Technical Analysis 8 March 2011

By @ibtimes on

USD/JPY 82.44 - 8 March 2011
USD/JPY Open 82.28 High 82.53 Low 81.94 Close 82.22

On Monday Dollar/Yen moved up and down within a narrow 45 pip range, not exactly matching the negative Interbank sentiment at bellow -55%. The currency couple depreciated from 82.40 to 81.94 yesterday, than recovered, closing the day at 82.22. This morning the Dollar climbed further against the Yen, reaching 82.53. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart trading is within wide range. Break above today's top and nearest resistance 82.53 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.94, and consistent break bellow it could strengthen the Yen further down towards next target 81.10. Today is Japan Machinery orders at 23:50 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.53 83.30 84.14
Technical support levels: 81.94 81.10 80.28

Trading range: 82.30 - 82.95
Trend: Upward
Buy at 82.44 SL 82.14 TP 82.84

Already made +2 pips profit on USD/JPY today from the following signal:
5:31 GMT Sell USD/JPY at 82.26 SL 82.52 TP 81.76, exit sent at 5:32 GMT.
Total today +23, yesterday +117, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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