usd/yen trading stepped up upwards strongly yesterday, nearing the pivotal resistance barrier 80.70, which is a second party to confirm the destination following the price.
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usd/yen trading stepped up upwards strongly yesterday, nearing the pivotal resistance barrier 80.70, which is a second party to confirm the destination following the price.
USDJPY breaks above 79.63 resistance, and bounce to as high as 80.30, suggesting that a cycle bottom has been formed at 79.07 on 4-hour chart, and the uptrend from 77.14 (Sep 13 low) has resumed. Further rise to test 80.67 could be expected after a minor consolidation, a break above this level will target 81.50 area. Support is at 79.85, as long as this level holds, the uptrend from 79.07 will continue.
The USD / JPY pair rose to Y79.52 during the Asian session. The adverse impact on the currency had a message of Kyodo News agency, which said that the government of Japan on November 16 is going to decrease a country's economic growth perspectives for the fourth consecutive time. Also, the yen fell against all major currencies on expectations of further aggressive actions of the Bank of Japan to weaken the value of the national currency. The high rate of Yen lately had a very negative effect on the incomes of the country’s exporters. During the European session the USD / JPY couple showed substantial growth reaching the Y80.15 area.
Elliott: common flat correction up 80.68
Current rise seems to be over near 80.28 or 80.57 for a retracement towards 79.98 - 79.82 area.
Warning: Imminent end of bullish move
Technical points
Key point 80.6500
Entry point 79.8600
Elliott 79.0800
Closing 80.2500
Projection 80.6800
Trendline 79.3700
Trendline 79.5600
Supports / Resistances
Res 2 80.9000
Ex-High 80.3100
Res 1 80.5700
Pivot 79.9800
Sup 1 79.6500
Ex-Low 79.3900
Sup 2 79.0600
Expected trading range for today is between: Support 79.00 Resistance 81.50
General tendency is expected for today: neutral
Couple grows crazy pace course today was able to overcome an important long-term resistance level of 80.58 then continued its northern growth, the way is open to the north and the nearest resistance level for which the bears can catch hold - 81.70.
now this pair is testing near its daily resistance level 80.90 but this level has been broken. from this we can see some retracement and again price trying to touch its daily resistance 3 at 81.50
we can long with this pair with 80.57 stop loss.
http://img708.imageshack.us/img708/107/imagep.gif
Tended trading USD / JPY upwards strongly yesterday to close yesterday down resistance 80.70,
Today the price topped former resistance and is now approaching the doors of 81.80 .... Waiting shut down today to confirm the upward trend strongly
May see some volatility result of saturation of stochastic
Now take a position on jpy think is very dangerous occupation, consider purchasing cost only because the pair has made it clear to the north, I will consider buying after correction (from 81.00 support or at a deeper correction of break of 80.60).
The pair has risen to 80.438. The pair may try to break this level and next aim is at 81.044.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
Spoiler: