USD/JPY Technical Analysis 9 March 2011

By @ibtimes on

USD/JPY 82.78 - 9 March 2011
USD/JPY Open 82.81 High 82.93 Low 82.20 Close 82.65

On Tuesday Dollar/Yen increased with 65 pips, not matching the negative Interbank sentiment at nearly -54%. The currency couple appreciated from 82.20 to 82.93 yesterday, closing the day at 82.65. This morning the Dollar climbed further against the Yen, reaching 82.93. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart trading is still within wide range. Break above today's top and nearest resistance 82.93 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.20, and consistent break bellow it could strengthen the Yen further down towards next target 81.33. Today are Japan Real GDP Q4 and Corporate goods price index, both 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 positive and calm, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 82.93 83.76 84.59
Technical support levels: 82.20 81.33 80.50

Trading range: 82.65 - 83.30
Trend: Upward
Buy at 82.78 SL 82.48 TP 83.18

Already made +7 pips profit on USD/JPY today from the following signal:
5:29 GMT Buy USD/JPY at 82.85 SL 82.59 TP 83.35, exit sent at 5:48 GMT.
Total today +112, yesterday +23, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion