Levels of trading for this week is among the key support at 79.50 and key resistance now at 80.60.
The general trend over short term basis is to the upside targeting 87.45 as long as the levels of 75.20
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Levels of trading for this week is among the key support at 79.50 and key resistance now at 80.60.
The general trend over short term basis is to the upside targeting 87.45 as long as the levels of 75.20
No change in USD/JPY's outlook. Intraday bias remains neutral and some more consolidations would be seen below 80.67 short term top. But pull back is expected to be contained above 79.27 support and bring another rise. Break of 80.67 will extend the rally from 77.13 to 61.8% retracement of 84.17 to 77.13 at 81.48 next.
It seems more likely to USDJPY continued to move up to the range of 80.52 to 80.74 from 80,22-80.11. After that would be expected USDJPY downside move back.
The trading range for today is expected among key support at 79.50 and key resistance now at 80.60.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Like another mayor pair movement, USD/JPY also fell down in asian market session now. If we look condition of stochastic signal in tf h1, that is shown in oversold condition. This can confirmed that price may retrace up but weak because of there is a high pressure. But, i think price will go up again today because the signal in trend for medium and long term still up.
Today’s technical analysis
Resistance 3- 81.02
Resistance 2- 80.73
Resistance 1- 80.53
Pivot point- 80.24
Support 1- 80.05
Support 2- 79.76
Support 3- 79.57
if we look in daily chart with stoch. indicator we find that pair is totally overbough so we can expected price will move in down side price may be retrace from the level 79.95.
USDJPY
The trend can be down to re-test that 38.2 fib at 80.14. Of course, make search sell with TP before that 38.2 fib at 80.14 is better. But, on other hand = we must also pay attention to that 23.6 fibo at near price 80.34. On my look - if that 80.34 can be break by strong bulls candle then = this could be a trigger for more bulls (here).
Overall bias remains bullish, but we need a
clear break at least above 80.40 area to
trigger further bullish momentum aiming
80.80 key resistance area. On the downside,
immediate support is seen around 79.90 area,
a consistent break & daily close below that
area could trigger further bearish pullback
testing 79.60 support area.
Resistance Level : 80.40, 80.80, 81.65
Support Level : 79.90, 79.60, 78.80
Trading Range : 79.90 – 80.80
Trend : Bullish
The dollar weakened against the yen on Wednesday as investors rode out electoral uncertainty in the safe-haven Japanese currency.
In Asian trading on Wednesday, USD/JPY was trading at 80.00, down 0.44%, up from a session low of 79.99 and off a high of 80.29.
The pair was likely to find support at 79.28, the low of Oct. 30 and resistance at 80.44, Tuesday's high.
The dollar traded higher against most global currencies as investors waited to see how presidential elections came out in the U.S.
However, investors opted for the yen over the dollar, as both currencies are viewed as attractive safe habors amid times of uncertainty due to their liquidity.
At the time of writing, results have come in largely within expectations though key states including Florida, North Carolina, Ohio, Virginia and Wisconsin have yet to indicate a winner.
Results could push either President Barack Obama or Republican challenger Mitt Romney into office, which kept investors on edge and away from risk.
Results could have major long-range impacts on the dollar, as Mitt Romney has said he favors an end to the Federal Reserve's loose monetary policies, which have significantly weakened the greenback.
No changed in our view, USDJPY stays in a upward price channel on 4-hour chart, and remains in uptrend from 77.43. As long as the support of the lower line of the price channel holds, the fall from 80.67 is treated as consolidation of the uptrend, and another rise towards 81.00 could be expected after consolidation. On the downside, a clear break below the channel support will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 79.00 area could be seen.