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USDJPY next week
Elliott: flat correction up 78.96
It should try higher up to 78.58 - 78.79. Entry point 78.37 or 78.17. After this rise, a correction is expected.
Warning: Harami
Technical points
Key point 78.4400
Entry point 78.2800
Elliott 77.4400
Closing 78.3900
Projection 79.2200
Trendline 78.0900
Trendline 78.2000
Supports / Resistances
Res 2 79.1800
Ex-High 78.7600
Res 1 78.7900
Pivot 78.3700
Sup 1 77.9700
Ex-Low 77.9500
Sup 2 77.5500
Im not much of one for Technical Analysis but ive attached a pic here of a trend Ive been keeping an eye on. It is a daily chart and trend starts around April.
What are your thoughts on this descending triangle?
Seems nearly everytime 78 level is hit however that theres some strong buying going on.
http://www.forexfactory.com/attachme...1&d=1350028982
Price retraced up from weekly support 1 level (78.01) in this week. But price can not up strong and hold by weekly pivot level (78.43). This condition occure because there is up trend in long term.
price move at narrow range, so at TF 4H create triangle simetric that if breakout can create new trend.
price move between range support : 78.00 and resistance : 78.80.
the price till this week was closed on above that pivot 78.41. And yes, search for Buy = better, as long as the price then still move above that pivot 78.41. But, if the price then can go down
Couple made a small splash in the north and now formed a sort of a flag with the 78.30 support level, the histogram peaks and ****ually decreases down so that it would be calculated breakdown down and the first target is 77.95 ...
Elliott: irregular flat correction up 78.83
Our preferred view is for a drift down to 78.27 or below 78.16. Resistances is at 78.35. A rise above 78.52 would delay but not abort this expected fall.
Warning: Harami
Technical points
Key point 78.5200
Entry point 78.4900
Elliott 77.9500
Closing 78.3900
Projection 78.5900
Trendline 78.2900
Trendline 78.6300
Supports / Resistances
Res 2 78.6500
Ex-High 78.5400
Res 1 78.5200
Pivot 78.4000
Sup 1 78.2700
Ex-Low 78.2900
Sup 2 78.1600
Usd/jpy technical analysis for 15.10.2012 by using : Auto pivot indicator.
resistance 3:78.84
resistance 2:78.69
resistance 1:78.57
pivot point :78.43
support 1:78.31
support 2:78.16
support 3:78.04
the pair shows some tendency upward away from the descending channel's resistance previously breached, where affected positively Stochastic, while still our neutral stand in the long intraday, as the price needs to go beyond a level pivotal between support 77.95 and resistance 79.20 to assure usnext destination.
Although USDJPY only moved in flat movement on the last Friday, I think the tendency of USDJPY still in bullish sentiment. Now, I think USDJPY will reach the resistance level at 78.61. Then, we can see the price action there to determine the next trade decision. If USDJPY can break that resistance, this pair will continue going up to the next resistance level at 79.16. But if fail to break, USDJPY may makes a reversal movement there.
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