USD/JPY 82.52 - 9 February 2011

USD/JPY Open 82.28 High 82.51 Low 81.76 Close 82.32

On Tuesday Dollar/Yen traded down and up within 70 pip range, not exactly matching the positive Interbank sentiment at over +56%. The currency couple depreciated from 82.25 to 81.76 yesterday, later recovered all losses, closing the day at 82.32. Today Dollar strengthened up to 82.51 against the Yen. 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 today's top and nearest resistance 82.51 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 81.76, and consistent break bellow it could strengthen the Yen further down towards next target 80.85. Today are Japan Machinery orders and Corporate goods price index, both 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 climbing, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 82.51 83.33 84.21
Technical support levels: 81.76 80.85 80.00

Trading range: 82.40 - 83.05
Trend: Upward
Buy at 82.52 SL 82.22 TP 82.92

Already made +22 pips profit on USD/JPY today from the following signal:
5:32 GMT Buy USD/JPY at 82.45 SL 82.19 TP 82.95, exit sent at 9:11 GMT.
Total today +105, yesterday +129, as shown in details at http://www.zifx.com/performance.php.

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