USD/JPY Open 78.30 High 78.70 Low 78.08 Close 78.28

On Monday Dollar/Yen traded within a narrow 50 pip range, not matching the negative Interbank sentiment at under -11%. The currency couple depreciated from 78.56 to 78.05 yesterday, closing the day at 78.28. This morning the Dollar spiked up and down against the Yen, going from 78.08 to 78.70. On the 1 hour chart the downward channel is slowly resuming, while on the 3 hour chart the new downward channel has renewed. Break above today's top and nearest resistance 78.70 would encourage further recovery of the Dollar. Immediate support is today's bottom at 78.08, and consistent break bellow it could strengthen the Yen further down towards next target 77.25. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 78.70 79.60 80.44
Technical support levels: 78.08 77.25 76.36

Trading range: 78.35 - 77.70
Trend: Downward
Sell at 78.21 SL 78.51 TP 77.81

Already made +8 pips profit on USD/JPY today from the following signal:
5:30 GMT+1 Sell USD/JPY at 78.09 SL 78.35 TP 77.59, exit sent at 6:56 GMT+1.
Total today +148, yesterday +143, as shown in details at