ZIFX.com USD/JPY Reinstates Above 80 After Earlier Losses

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November 7, 2012 11:32 PM EST

Forextribe

USD/JPY Open 80.26 High 80.30 Low 79.80 Close 80.34

On Tuesday Dollar/Yen continued increased insignificantly with 35 pips. The currency couple appreciated from 79.95 to 80.30 yesterday, matching the positive money flow sentiment at nearly +18%, closing the day at 80.34. This morning the Dollar dropped against the Yen, reaching 79.80, but later recovered.

On the 1 hour chart the upward channel is making renewal attempts, while on the 3 hour chart quotes are testing the upper limit of the wide trading range. Break above yesterday's top and nearest resistance 80.30 would encourage further recovery of the Dollar. Immediate support is today's bottom at 79.80, and consistent break bellow it could strengthen the Yen further down towards next target 79.00.
Today are Japan Trade balance and Machinery orders, 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 inclining upwards, MACD is positive and tranquil, while CCI is about to cross up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 80.30 81.17 82.00
Technical support levels: 79.80 79.00 78.14

Today so far +5 pips profit/loss on USD/JPY today from the following sent to clients only signal:
7:36 GMT Buy USD/JPY at 80.31 SL 80.05 TP 80.81, exit sent at 9:11 GMT.
Today so far +63, yesterday +75, as shown at our web site.

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