USD/JPY 83.93 - 9 December 2010

USD/JPY Open 84.09 High 84.31 Low 83.46 Close 83.99

On Wednesday Dollar/Yen traded continued increasing, in converse with the very negative Interbank sentiment at around -45%. The currency couple appreciated from 83.46 to 84.31 yesterday, closing the day at 83.99. Today after initial adjustment ascending renewed. 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 yesterday's top and nearest resistance 84.31 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 83.46, and consistent break bellow it could strengthen the Yen further down towards next target 82.60. Today is Japan's Corporate goods price index 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 neutral and inclining upwards, MACD is thinly positive and quiet, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 84.31 84.80 85.64
Technical support levels: 83.46 82.60 81.81

Trading range: 83.80 - 84.45
Trend: Upward
Buy at 83.93 SL 83.63 TP 84.33

Already made +22 pips profit on USD/JPY today from the following signal:
5:35 GMT Buy USD/JPY at 83.76 SL 83.50 TP 84.26, exit sent at 9:41 GMT.
Total today +173, yesterday +140, as shown in details at http://www.zifx.com/performance.php.

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