USD/JPY 80.04 - 9 June 2011

USD/JPY Open 79.89 High 80.30 Low 79.74 Close 79.87

On Wednesday Dollar/Yen decreased insignificantly with 60 pips, matching the negative Interbank sentiment at almost -80%. The currency couple depreciated from 80.28 to 79.69 yesterday, closing the day at 79.87. This morning the Dollar strengthened against the Yen, climbing up to 80.30. On the 1 hour chart the downward channel is intact, while on the 3 hour chart trading is testing the lower limit of the wider trading range. Break above today's top and nearest resistance 80.30 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 79.74, and consistent break bellow it could strengthen the Yen further down towards next target 78.90. Today are Japan Corporate goods price and Tertiary activity indexes, both at 23:50 GMT. Quotes are moving about in line with the almost even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and hesitant, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 80.30 81.19 82.33
Technical support levels: 79.74 78.90 78.00

Trading range: 80.15 - 79.50
Trend: Downward
Sell at 80.04 SL 80.34 TP 79.64

Already made +12 pips profit on USD/JPY today from the following signal:
5:28 GMT+1 Sell USD/JPY at 80.05 SL 80.31 TP 79.55, exit sent at 10:08 GMT+1.
Today so far +99, yesterday +135, as shown in details at