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USD/JPY hit 79.20 during late Asian trade, the pair’s lowest since Friday; the pair subsequently consolidated at 79.20, shedding 0.31%.
The pair was likely to find support at 79.00, Friday’s low and a three-week low and resistance at 79.63, the session high.
The trading range for today is among key support at 78.50 and key resistance now at 80.35.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
http://www.dohaup.com/up/2012-11-13/admin606342124.png
After the publication of the report on change of the gross domestic product of Japan the negative result of which showed that the Japanese economy in the III quarter of 2012decreased by 0.9 % compared to II quarter the yen fell against most major currencies. The GDP in yearly term in this quarter decreased by 3.5%. Although, the result of 0.9% in III quarter has matched analysts' expectations, the experts predicted that the decline in GDP in yearly term will not exceed 3,4% mark.The USD / JPY pair after trading in the range of Y79.33- 39 fell slightly, setting a low at Y79.35 during the European session.
USDJPY remains in short term downtrend from 80.67, an increase of 79.07 is likely consolidation of downtrend. Bearish be expected after consolidation, and the target would be in the region of 78.80.
USD / JPY Intraday Technical
Resistance 3: 79.84.
Resistance 2: 79.73.
Resistance 1: 79.53.
Support 1: 79.33.
Support 2: 79.17.
Support 3: 79.01.
The pair has drawn Double Top. The pair is working out the figure and aiming to 79.070. If 79.070 will be broken the pair will decline to the channel line at 78.345.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
Elliott: elongated flat correction down 78.95
Market should pop up towards 79.51 or 79.61 this bullish scenario would be damaged if 79.30 - 79.18 zone is broken, a severe break down could then occur.
Warning: Engulfing pattern
Technical points
Key point 79.3300
Entry point 79.4900
Elliott 79.6400
Closing 79.3800
Projection 79.2100
Trendline 79.4400
Trendline 79.4400
Supports / Resistances
Res 2 79.8400
Ex-High 79.6400
Res 1 79.6100
Pivot 79.4100
Sup 1 79.1800
Ex-Low 79.2100
Sup 2 78.9800
Usd/jpy technical analysis for 14.11.2012 by using : Auto pivot indicator.
resistance 3:80.08
resistance 2:79.87
resistance 1:79.62
pivot point :79.41
support 1:79.17
support 2:78.96
support 3:78.71
Today,Initial activity is set at 80.00 (Big personage supporting) followed by 79.57 (May 5 low). Initial status is now at 81.33 (Jun 2 soaring) followed by 81.77 (May 19 upper)
Expected trading range for today is between: Support 78.00 Resistance 80.70
General tendency is expected for today: neutral