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23/10/2012 USD/JPY Full Detailed ForeCast
Pivot point (level of invalidation): 79.65
Our preference: LONG positions to target with 79.7 to 80.1 and 80.35 in extension.
Alternative scenario: Below 79.65 we expect further downside with 79.4 and 79.1 of the target.
Technical Comments: the RSI is to support further uphill.
USD/JPY
buy
Entry :- 79.920
TP1 :- 80.317
TP2 :- 80.716
SL :- 79.128
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
Recent break to the level of 79.20 makes us keep our expectations to rise further which aims to test the intraday level of 80.70 initially, and break open the door to further rise towards 81.75 as next major station.
The trading range for today is among the key support at 77.50 and key resistance now at 81.00.
The general trend over short term basis is to the upside targeting 87.45 as long as the levels of 75.20
Upward movement USDJPY extends to as high as 80.00. Support is at 79.50, as long as this level holds, uptrend could be expected to continue, and next target would be at 80.50 area.
The British Pound had a downward pressure on Wednesday. In the medium term, the pair is showing a correction to the 1.58 level, but it will be difficult to break to the downside the psychological level of 1.60. Now it is not known if the pair continues its uptrend or takes a break until 1.58 support.
At a fundamental level,
After the rummor that Bank of Japan may stimulate more Easing in next 30th October this pair makes a 70 pips rally in last monday and now trade in strong range of 79.71 to 80 but very much under 80.
If it broken above 80 mark then its possible to see 80.63 mark.
usd/jpy technical analysis by using : average directional movement index
adx : 17.3058
+di : 15.9794
-di : 17.3338
timeframe : 1 hour
time : 2000
date : 23.10.2012
The U.S. dollar was lower against the yen on Tuesday, easing off a three-month high hit earlier in the session after comments from Japan’s Finance Minister dampened expectations for more monetary easing by the Bank of Japan later this month.
USD/JPY hit 80.01 during European morning trade, the pair’s highest since July 6, before giving back gains to consolidate at 79.77, shedding 0.21%.
The pair was likely to find support at 79.20, the previous session’s low and resistance at 80.02, the high of July 6.
The U.S. dollar broke above the psychologically important JPY80.00 level for the first time in three months earlier in the session, amid growing speculation the Bank of Japan will introduce more monetary easing measures at its next policy meeting on October 30.
But the yen regained strength after Japan’s finance minister Koriki Jojima denied a report saying that the government has asked the BoJ to boost its asset-buying program by JPY20 trillion.
Besides the prospect of further BoJ easing, market players are turning their attention to the Federal Reserve’s policy meeting on Tuesday and Wednesday, after the central bank announced its third round of quantitative easing last month.
The Fed vowed in mid-September to buy an average of USD40 billion of mortgage-backed securities a month until the economy shows significant improvement.
Elliott: exagerated impulse wave up 80.17
Decline should be supported around 79.71 - 79.56 zone for rally to above 80.00. A clear break of 79.56 will damage this expected rally.
Warning: End of trend
Technical points
Key point 80.0600
Entry point 79.9700
Elliott 78.6200
Closing 79.8500
Projection 80.0800
Trendline 79.6800
Trendline 80.2100
Supports / Resistances
Res 2 80.1500
Ex-High 80.0100
Res 1 80.0000
Pivot 79.8600
Sup 1 79.7100
Ex-Low 79.7100
Sup 2 79.5600