USD/JPY 83.08 - 12 January 2011

USD/JPY Open 83.33 High 83.50 Low 82.70 Close 83.22

On Tuesday Dollar/Yen resumed climbing with around 80 pips, not matching the negative Interbank sentiment at nearly -52%. The currency couple appreciated from 82.70 to 83.50 yesterday, closing the day at 83.22. This morning trading is tranquil and in slight correctional mood. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is still within wide range. Break above yesterday's top and nearest resistance 83.50 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 82.70, and consistent break bellow it could strengthen the Yen further down towards next target 81.77. Today is Japan Machinery orders core at 23:50 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is neutral and quiet, while CCI has just crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 83.50 84.42 85.30
Technical support levels: 82.70 81.77 80.90

Trading range: 82.95 - 83.60
Trend: Upward
Buy at 83.08 SL 82.78 TP 83.48

Already made +3 pips profit on USD/JPY today from the following signal:
5:33 GMT Buy USD/JPY at 83.11 SL 82.85 TP 83.61, exit sent at 5:45 GMT.
Total today +84, yesterday +93, as shown in details at http://www.zifx.com/performance.php.

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