USD/JPY Technical Analysis 8 September 2010

USD/JPY 83.57 - 8 September 2010

On Tuesday Dollar/Yen continued decreasing, in line with the very negative Interbank sentiment at nearly -79%. The currency couple depreciated from 84.26 to 83.51 yesterday, closing the day at 83.81. Today bears pushed further down to 83.35. On the 1 hour chart the downward channel is renewed, while on the 3 hour chart the downward channel is intact. Break above yesterday's top and nearest resistance 84.26 would embolden further recovery of the Dollar. Immediate support is yesterday's bottom at 83.35, and consistent break bellow it could strengthen the Yen further down towards next target 82.47. Today is the BoJ monthly economic report at 5 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 84.26 85.35 86.46
Technical support levels: 83.35 82.47 81.57

Already made +10 pips profit on USD/JPY today from the following signal:
5:34 GMT+1 Sell USD/JPY at 83.47 SL 83.73 TP 82.97 exit sent at 6:45 GMT+1.
Total today +78, yesterday +140, as shown in details at http://www.zifx.com/performance.php.