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The short term trend of the pair is to the upside. Intraday trading range of the pair is expected among key support at 77.30 and key resistance at 79.55. Based upon my chart analysis, I prefer to stay aside from the pair until we get a confirm setup for the upcoming big move.
Pair today went to the bottom of the rising channel (on the hourly chart) and significantly slowed down and that the course is set in the north, standing in purchases, while my goal is the upper boundary of the channel.
USD/JPY's sharp fall today argues that recovery from 78.33 is finished at 78.84. Intraday bias is cautiously on the downside for 78.33 and break will target 77.90 support next. The overall outlook remains unchanged. That is, 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. Break of 77.99 will indicate that fall from 84.17 is finally resuming for 75.56/84.17 support zone.
Support & Resistance 28/08/2012
Sup 1 : 78,71
Sup 2 : 78,75
Sup 3 : 78,77
PIVOT : 78,69
Res 1 : 78,65
Res 2 : 78,63
Res 3 : 78,59
USD / JPY pair is a struggle between buyers and sellers at 78.56 and closed areas today is what will separate in the future direction for the pair
pair is sandwiched between two strong levels above the lower boundary of Ichimoku cloud, and on the south side of the slope of the level of support you need to follow some of the levels is breached price chart.
//\\pair is sandwiched between two strong levels above the lower boundary of Ichimoku cloud, and on the south side of the slope of the level of support you need to follow some of the levels is breached price chart.\\
BUY FROM: 78.75, T-1: 78.85, T-2: 78.94, T-3: 79.04
SELL FROM: 78.66, T-1: 78.56, T-2: 78.47, T-3: 78.38
:good:
i think that we should wait until USDJPY reach the resistance level on the daily chart @23.6% then we can sell this pair as i predict that USDJPY will move downward after reaching this level.
Today's trading session showed that usd was a sell off against the yen, now the pair has baseline support on 1 hour time frame and could definitely show some upward retracement, we are not at oversold so this tells us that we might not have the go ahead to give a buy signal yet, I would probably wait for 78.41 area to buy this pair rather than buy now