USD/JPY Technical Analysis 30 July 2010

USD/JPY 86.34 – 30 July 2010

Dollar/Yen continued decreasing on Thursday, in converse with the negative Interbank sentiment at around +15%. The currency couple depreciated from 87.49 to 86.62 yesterday, closing the day at 86.82. Today the bears took further advantage down to 86.27. On the 1 hour chart trading is within wide range, and on the 3 hour chart the downward channel is trying to resume. Break above yesterday’s top and nearest resistance 87.49 would support further recovery of the Dollar. Immediate support is today’s bottom at 86.18, and consistent break bellow it could strengthen the Yen further down towards next target 85.30. Today the Japan Housing starts at 5 and the Japan Construction orders is at 6 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall bearish signals.
Technical resistance levels: 87.49 88.40 89.55
Technical support levels: 86.18 85.30 84.39

Already made +20 pips profit on USD/JPY today from the following signal:
5:35 GMT+1 Sell USD/JPY at 86.37 SL 86.63 TP 85.87 exit sent 8:42 GMT+1.
Total today +148, yesterday +107, as shown in details here.

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