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USDJPY is moving near the 79.16 resistance level now. I think USDJPY will touch that resistance level today. Then, if USDJPY can break that resistance, this pair may goes up to the next resistance level at 79.76. But if fail to break, USDJPY may makes some reversal movement.
Usd/jpy technical analysis for 18.10.2012 by using : Auto pivot indicator.
resistance 3:79.60
resistance 2:79.34
resistance 1:79.14
pivot point :78.87
support 1:78.67
support 2:78.41
support 3:78.21
http://i45.tinypic.com/dy3o87.png
The short term trend of the pair is to the upside. Intraday trading range of the pair is expected among key support at 77.90 and key resistance at 80.50. Based upon my chart analysis, I prefer to buying the pair around 78.80 with target 80.30 and stoploss is below 77.90.
the pair resumes trading positive approaching barrier pivotal resistance 79.20, and to penetrate the price this level upwards, we will remain on the sidelines until we have signals confirm precisely the direction of the next, as the penetration level mentioned will be open orientation levels 80.00 80.70 initially,while break 78.45 is a preliminary signal to try to return to the bearish channel again.
Pair still managed to overcome the resistance of 79.00, now you can forget about sales, this figure breakthrough opened the way for further growth in the flesh to 90.60 (the first resistance and the 200-sliding away already you can think of sales).
USD/JPY
SELL
Entry :- 79.090
TP1 :- 78.592
TP2 :- 78.096
SL :- 80.091
Note this is just my attempt to predict the price could be right or wrong stop-loss order is very important must put always follow the trend
18/10/2012 USD/JPY Full Detailed ForeCast
Pivot point (level of invalidation): 78.9
Our preference: LONG positions at 78.95 with a target to 79.2 and 79.4 in extension.
Alternative scenario: Below 78.9 we expect further downside with 78.8 and 78.6 of the target.
Technical Comments: the RSI is bullish mixed.
The U.S. dollar was trading close to a one-month high against the yen on Thursday, as market sentiment remained supported after Chinese growth data eased concerns over global growth, while expectations for more easing by the Bank of Japan weighed on the yen.
USD/JPY hit 79.21 during European morning trade, the pair’s highest since September 19; the pair subsequently consolidated at 79.12, gaining 0.22%.
The pair was likely to find support at 78.90, the session low and resistance at 0.79.20, the session high.
The dollar strengthened against the safe-haven yen after official data showed that the Chinese economy expanded by 7.4% in the three months to October, matching economists’ forecasts.
The data came one day after a report showing that U.S. housing starts rose by 15% in September, the fastest pace since July 2008, adding to hopes that the U.S. economic recovery is gaining momentum.
The yen remained under pressure amid speculation that the BoJ may further increase the size of its asset purchase program at its upcoming policy meeting on October 30.
The pair did not find any difficulties with the line of resistance to bearish wedge pattern and succeeded in achieving a new daily closing above it. This breakthrough confirmed previous break back above SMA for 100
usd/jpy technical analysis by using : average directional movement index
adx : 37.1440
+di : 21.4564
-di : 8.3096
timeframe : 1 hour
time : 1600
date : 18.10.2012