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In the chart timefrime m15 for this pair has been seen that indicator hma 32 has penetrated into hma 192 to up which indicates the occurence of strengthening trend in the next some candle. But strengthening of trend hindered by overbough condition that shown by stochastic signal in timefrime h4 and d1.
Usd/jpy technical analysis for 08.10.2012 by using : Auto pivot indicator.
resistance 3:79.56
resistance 2:79.23
resistance 1:78.95
pivot point :78.61
support 1:78.33
support 2:78.00
support 3:77.72
Elliott: elongated flat correction up 79.17
Currently uptrend should end around 78.77 - 78.93 area. A correction down to below 78.34 is expected. A rise above 79.20 will abort the expected correction.
Warning: End of trend - Engulfing pattern
Technical points
Key point 78.7500
Entry point 78.5100
Elliott 78.2800
Closing 78.6600
Projection 78.8700
Trendline 78.5400
Trendline 78.5400
Supports / Resistances
Res 2 79.2000
Ex-High 78.8700
Res 1 78.9300
Pivot 78.6000
Sup 1 78.3400
Ex-Low 78.2800
Sup 2 78.0100
Spoiler:
On the H1 chart, the price is between 12 EMA and 72 EMA indicates trend is consolidation
50 RSI is above 50 indicates area trend is still up
Range :78.94-78 .33
Options: BUY
Take profit: 78.94
My expectations for USDJPY today
If the price broke the resistance 78.81 to top the purchase and the second goal when Resistance at 78.97
If the price broke through 78.48 to support the bottom of the sale and goal at the 78.32 support
USD/JPY had ultimately broken below the key support of 77.91. It happened after a long time and strengthened the bearish outlook. But the real test will be the break of 77.64 of June 1st. The current price is hust hesitating around 77.65 or 1 pip above the key support.
Federal Reserve’s policy meeting at GMT 18:15 and anticipation of the announcement of another round of bond purchase and uncertainties about the agreement in Greece for budget/spending cuts which is mandatory to receive the rescue aid are also keeping the market volatility low.It is expected that the bearish sentiments would prove strong enough to break the key support of 77.64 but till that happens, it is better to wait and watch. A break of 77.64 should make USD/JPY to hit the next target of 77.20 first. Hope well.
Occurrence of overbought make prices move sideways in a state. Positive sentiment still characterize usd so it is likely to continue to strengthen until well into the oversold area of the indicator mbfx at 78.80-78.86. When dropped, I think prices will weaken limited in the range of 78.49-78.55.
long positions at 78.6070 with 78.7750 and 78.9640 as next targets
the break out of 78.4820 will call for a rebound towards 78.2930
Despite the general tendency to strengthen the dollar pair usd / jpy strongly caved in favor jpy, get into position until it's too late, we should expect a small correction, which apparently has already begun moving from 200, and at its end again sell.
USD / JPY pair has set a new wave to the south, on the daily chart shows that there has been a retreat from the sloping level (also markedly converging triangle), the course has a significant range of the reduction, the target level could be 77.40.