USD/JPY Technical Analysis 5 November 2010

USD/JPY 80.67 - 5 November 2010
USD/JPY Open 80.77 High 81.22 Low 80.56 Close 80.70
On Thursday Dollar/Yen decreased insignificantly with 66 pips, in line with the negative Interbank sentiment at around -49%. The currency couple depreciated from 81.22 to 80.56 yesterday, closing the day at 80.70. This morning the pair is trading quietly and without clear direction for now. On the 1 hour chart the wide small angle downward channel has resumed, while on the 3 hour the downward channel is trying to renew. Break above yesterday's top and nearest resistance 81.22 would embolden further recovery of the Dollar. Immediate support is yesterday's bottom at 80.56, and consistent break bellow it could strengthen the Yen further down towards next target 79.59. 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 neutral and calm, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.22 82.00 82.82
Technical support levels: 80.56 79.59 78.70