USD/JPY 85.60 - 9 August 2010
Dollar/Yen continued decreasing on Friday, in converse with the negative Interbank sentiment at nearly +9%. The currency couple depreciated from 86.14 to 85.08 on Friday, closing the week at 85.47. Today the bulls are trying to show some resistance. On the 1 hour new downward channel is formed, and on the 3 hour chart the downward channel is intact. Break above Friday's top and nearest resistance 86.14 would support further recovery of the Dollar. Immediate support is Friday's bottom at 85.08, and consistent break bellow it could strengthen the Yen further down towards next target 84.22. There are no major economic events for Japan today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and consolidating, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 86.14 87.49 88.40
Technical support levels: 85.08 84.22 83.00
Already made +10 pips profit on USD/JPY today from the following signal:
8:04 GMT+1 Buy USD/JPY at 85.64 SL 85.38 TP 86.14 exit sent 8:31 GMT+1.
Total today +91, on Friday +89, as shown in details at http://www.zifx.com/performance.php.