Usd/Jpy

USD/JPY remains on the downside for 77.99 support. As noted before, recent price actions from 77.66 should either be a three wave consolidation pattern that's completed at 79.65, or a five wave triangle pattern. In either case, recovery attempt should be capped below 79.65 resistance and downside breakout is expected eventually. Below 77.99 should extend the fall from 84.17 through 77.66 towards 75.56/76.02 support zone.

Sell the pair below 77.473
Take Profit: 77.273
Stop Loss: 77.773
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Despite edging higher to 79.65 last week, USD/JPY reversed from there and dropped sharply since then. The development argues that price actions from 77.66 are either a consolidation pattern that's completed with three waves to 79.65, or is a five wave triangle pattern. In either case, recovery attempt should now be limited well below 79.65 resistance and break of 77.90 is anticipated. In that case, fall from 84.17 will resume to 75.56/84.17 support zone.

USD/JPY continues to consolidate above 78.33 temporary low today and intraday bias remains neutral. As noted before, current development argues that price actions from 77.66 are either a consolidation pattern that's completed with three waves to 79.65, or is a five wave triangle pattern. In either case, recovery attempt should now be limited well below 79.65 resistance. Below 78.33 will turn bias to the downside for 77.90 support. Break and break will indicate that fall from 84.17 is finally resuming for 75.56/84.17 support zone.

Daily chart for a couple of very good level of support for keeping the figure 78, we see a rollback on the top are becoming less so in the long run, I think a couple should fall even further, but now is not break the support level down too early to talk about the fall ... we have to wait .. ...

Last week was a very strong push down ... so I am not quite sure that the couple will soon reach the tops ... I think that is a bit Bykov nailed to the top and they start aka move followed the next strike ... so expect a drop ...

Support & Resistance 27/08/2012 13:01:40

Sup 1 : 78,80
Sup 2 : 78,90
Sup 3 : 79,07

PIVOT : 78,62

Res 1 : 78,52
Res 2 : 78,34
Res 3 : 78,24

It is not yet clear trend is formed on one side of the pair was able to fight off an inclined support level but until further north would not let cloud base, but with the strengthening of the above 78.85 can buy.

BUY FROM: 78.68, T-1: 78.74, T-2: 78.79, T-3: 78.87
SELL FROM: 78.59, T-1: 78.52, T-3: 78.45, T-3: 78.30
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very strong hour candle was down last week, usually the price is consolidating some time and again goes in the direction of strong candles ... now I think if the level of 78.85 the pair breaks above will go back again to the north, e if not you can show more below 78 figures