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Elliott: elongated flat correction up 81.66
While below 81.32 - 81.71 it is more likely to fall further towards 80.65 or 80.38. Premature rise above 81.71 could see it rising above 82.25 zone.
Warning: End of trend - Imminent end of bullish move
Technical points
Key point 81.5600
Entry point 80.7600
Elliott 79.0800
Closing 81.1700
Projection 81.6600
Trendline 79.9200
Trendline 80.8600
Supports / Resistances
Res 2 82.2500
Ex-High 81.4600
Res 1 81.7100
Pivot 80.9200
Sup 1 80.3800
Ex-Low 80.1200
Sup 2 79.5800
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Today on jpy finally began correcting southern wave, the pair came up with the now 81.00 figure and it is about the first visible signs of support and buyers (3 hour candles have a long southern wick), discovered while buying (stop below 80.90).
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The yen fell to a six-month low amid speculations of early elections in Japan which going to take place next month and put pressure on the demand for the currency. The USD / JPY pair rose to Y81.25 level during the European session. The speculations were about that the elections in Japan next month will lead to a transfer of power to the opposition party, which advocates for more aggressive monetary easing policy.
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Expected trading range for today is between: Support 80.00 Resistance 82.50
General tendency is expected for the day: UP
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The first pair of support usd / jpy met in the blue slip alligator (zone around 81.00 figure), while below it the course is not allowed, the trend is clearly defined, the North and it is better to follow, I am going to buy pieces from 81.00 to 81.40 I think at least we go.
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The usd/ yen rallied upwards strongly surpassing the level of 80.70 and settled it, to give us indications that a further increase would be unlikely to intraday and short term.
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USDJPY movement that currently survives by moving below the range area of 81.20, the decline would still be very likely could happen with the 80.94 support area as an immediate reduction targets.
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Pair has completed corrective phase, and renewed movement to the north, but that the course was able to overcome short-term resistance of 81.23, break of which was the signal for the purchase, but the main lot just going to go on a break of the current maximum of 81.45.
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usd/jpy technical analysis by using : average directional movement index
adx : 24.7125
+di : 26.5965
-di : 8.5141
timeframe : 1 hour
time : 1800
date : 16.11.2012
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Scenario for next week
Elliott: impulse wave up 82.04
It should trade higher to 82.07 while 80.64 or 80.23 offers support. Stop loss below 79.82 zone.
Technical points
Key point 82.1700
Entry point 80.3900
Elliott 79.0800
Closing 81.2500
Projection 82.6500
Trendline 79.2100
Trendline 79.3500
Supports / Resistances
Res 2 82.8900
Ex-High 81.4600
Res 1 82.0700
Pivot 80.6400
Sup 1 79.8200
Ex-Low 79.2100
Sup 2 78.3900
