JPY as always lives his life like display the news outlet, the couple grows to the north, is now open attitude is dangerous, but now it seems more or less the situation grow lazy - need to go north.
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JPY as always lives his life like display the news outlet, the couple grows to the north, is now open attitude is dangerous, but now it seems more or less the situation grow lazy - need to go north.
USDJPY’s downward movement from 78.86 extends to as low as 78.03. Further decline could be expected, and next target would be at 77.80 area.
However, the fall from 78.86 is likely correction of the uptrend from 77.43, another rise to test 78.86 resistance could be expected after correction.
movement no body know about him
Elliott: irregular flat correction up 78.83
Currently uptrend should end around 78.46 - 78.63 area. A correction down to below 77.99 is expected. A rise above 78.93 will abort the expected correction.
Warning: Engulfing pattern
Technical points
Key point 78.4000
Entry point 78.1700
Elliott 77.9500
Closing 78.3300
Projection 78.5900
Trendline 78.2600
Trendline 78.2600
Supports / Resistances
Res 2 78.9300
Ex-High 78.5900
Res 1 78.6300
Pivot 78.2900
Sup 1 77.9900
Ex-Low 77.9500
Sup 2 77.6500
After weak treasuries helped USD/JPY record its first daily advance in three days, price has maintained its bullish profile this Friday in early Asia, last at 78.40 vs. 78.32 at the NY close.
USD/JPY traded a wide range between 77.93 and 78.58 overnight, reaching a new 8-day low in the process and managed to completely engulf the previous two days of price action. The 23.6% and 61.8% Fibonacci retracement levels of the advance from 77.42 to 78.10 are currently providing resistance and support for the market, respectively.
Valeria Bednarik, Chief Analyst at FXstreet.com says that the pair is “Short term bullish” as long as price stays above the 78.30 price zone, and, “according to the hourly chart, the pair still needs to beat sellers aligned around 78.80 to see a more interesting come back.”
Another analyst also notes that, “There’s a bit of a sloppy upside-down head and shoulders formation in USD/JPY, with a neckline around 79.00,” observes John J Hardy, Head of FX Strategy at Saxo Bank.
On the fundamental front, Mr. Hardy says: “Look out for verbal intervention potential at this weekend’s G7 meeting and in its wake as Japan’s economic straits have become fairly dire and as it is profoundly dissatisfied with its strong currency.
Today’s technical analysis for 12.10.2012
Price is open above the pivot point- 78.28
Resistance 3- 79.26
Resistance 2- 78.92
Resistance 1- 78.62
Pivot point- 78.28
Support 1- 77.98
Support 2- 77.63
Support 3- 77.34
price is open the above pivot point 78.28 but in my view first it will try to touch78.57 level if this is break then we can see continue up movement till resistance 2- 78.92
I think that zig-zag pattern will get up level in near previous up level, 78.58. Hma 32 has crossed up hma 192 and 860, this indicates that price may go up again. But signal stochastic in tf h1 confirm in overbought area, so price may retrace down before go up again.
Usd/jpy technical analysis for 12.10.2012 by using : Auto pivot indicator.
resistance 3:79.30
resistance 2:78.95
resistance 1:78.64
pivot point :78.29
support 1:77.98
support 2:77.63
support 3:77.32
The U.S. Dollar was higher against the Japanese Yen on Friday.
USD/JPY was trading at 78.35, up 0.02% at time of writing.
The pair was likely to find support at 77.95, Thursday’s low, and resistance at 78.71, Monday’s high.
Expected trading range for today is between: Support 77.00 Resistance 79.00
General tendency is expected for today: neutral
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