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While a decrease in the south too early, on the hourly chart is visible channel within which the pair is trading now course is suited to its lower boundary (in the area are moving alligator who also acts as support) + underlying trend north, waiting for my call to buy .
FOREXAnalysis: I wrote yesterday that “8042/47 is resistance before the high and I’m on the lookout for exhaustion and a top the rest of this week. Even if the rally from 7712 is unfolding as an impulse (5 waves), the USD/JPY is likely to reverse after trading above 8067.” The USD/JPY high Thursday was 8146, just 2 pips shy of the 61.8% retracement of the decline from March. Elliott wave channelling and Fibonacci relationships suggest that the current level is one of importance as well. Wave 5 is equal to 61.8% of waves 1 through 3 and price closed beneath the Elliott channel after trading through it intraday. Bigger picture, the potential resistance zone extends to about 8250. 8244 is the 61.8% extension of the 7556-8417 rally from 7712 and the top of the March 2011 intervention (8246).
FOREXTrading Strategy: Based on structure of the rally from 7907, the USD/JPY may extend slightly higher but in a series of 4th and 5th waves (expect more 2 way trading). Support for Friday is 8080. COT positioning is consistent with turns towards Yen strength.
LEVELS: 8030 8059 8082 8148 8185 8244
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Keep the usd / jpy stable above 80.70 previously breached, adds more stress on the continuation of the bullish trend in the short term.
The main target is now at 83.45, while the realization of which requires stability above 80.70
USD/JPY Elliott Wave
For the last few days the USD/JPY pair was trading in a downward movement, corrective wave (C) (coloured green) of the bigger wave (4) (coloured red) was developing. Yesterday after the bearish mood in the Asian session we could observe strong ascending movement from 79.80 towards the 80.39 level when European...
The trading range for today is among key support at 79.60 and key resistance now at 82.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
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LEVEL-LEVEL ENGINEERING TODAY:
Resistance 3: 81.67.
Resistance 2: 81.51.
Resistance 1: 81.35.
Support 1: 81.15.
Support 2: 80.99.
Support 3: 80.83.
DESCRIPTION:
Please note support levels 3 (80.83) and Resistance 3 (81.67). In general, when a level is touched, the USD / JPY will rebound from the previous minimum of 10 to 20 pips, but if these levels penetrated through more than 50 pips, then this will be a sign that these currencies have found trends today.
Upward movement USDJPY from 79.07 extends to as high as 81.58. Further increases are still possible after consolidation light, and next target would be at 0.8200 area.
Today’s technical analysis
Resistance 3- 82.12
Resistance 2- 81.85
Resistance 1- 81.63
Pivot point- 81.35
Support 1- 81.13
Support 2- 80.86
Support 3- 80.65
Price has been broeked its pivot point 81.35 but not able to cross its resistance 81.63
We can see down movement and it is trying to touch its support level 80.86
usd/jpy technical analysis by using : average directional movement index
adx : 18.0451
+di : 13.5122
-di : 20.6880
timeframe : 1 hour
time : 0400
date : 20-11-2012
USD/JPY continues to range trade. The rate is undermined by selling of yen crosses amid subdued risk appetite (VIX fear gauge rose 4.44% to 18.6) as U.S. stocks closed narrowly mixed overnight (DJIA down 0.08%, S&P up 0.02%) following a two-day shutdown caused by Hurricane Sandy. Investor sentiment dented after...