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USDJPY remains in uptrend from 82.11, the fall from 84.61 is likely consolidation of the uptrend.
Support is at 83.75, as long as this level holds, the uptrend could be expected to resume,
and another rise towards 86.00 could be expected after consolidation.
the previous week saw usdjpy failed to break support at 80.00.
it instead push much higher up to 80.79, but resistance is at 81.03 with indications of reversal at 80.79.
i think usdjpy is still bearish, but a break of 80.79 and then 81.03 would imply otherwise.
The pair has reached 83.933 and tries to stay above this level. MACD shows divergence and the pair may start corrections.
Resistance: 84.866, 85.960, 86.861
Support: 83.933, 83.065, 82.219
USD/JPY intraday: further advance.
Our preference: Long positions above 83.9 with targets @ 84.55 & 84.7 in extension.
Alternative scenario: Below 83.9 look for further downside with 83.6 & 83.3 as targets.
Key levels
85.1
84.7
84.55
84.221 last
83.9
83.6
83
Based on the daily chart, USDJPY looks in trend bearish evening star candlestick format. USDJPY possibility of further movement tried to break through support at 83.95 and managed to penetrate resistant if the next target is 83.72.
Trading Recommendations: wait and after a bullish move back through support at 84.40 could grab a sell position at 84.35.
I had to turn over to the south, the pair made a number of very strong signals for sale, 1. pair broke through the medium sloping trend line, 2. pair could break through the 84.00 figure, now consolidated around a course that gives her a good position to sell, stop above the 84.00 figure.
USD/JPY is consolidating with risks skewed lower after hitting 20-month high of 84.62 on Wednesday, as markets await Bank of Japan's monetary policy meeting decision- JPY would rally if BOJ does not boost its asset purchases or give lip service to Prime Minister-elect Shinzo Abe's idea of increasing its inflation target to 2%. USD/JPY is undermined by selling of yen crosses amid increased risk aversion (VIX fear gauge rose 11.62% to 17.38, S&P fell 0.76% overnight) as latest news from Washington suggested a setback in budget negotiations--White House said President Obama would veto a tax and spending plan proposed by House Speaker John Boehner, leading Mr. Boehner to warn of the "biggest tax increase in history." USD/JPY is also weighed by Japan exporter sales. But USD/JPY losses tempered by demand from Japan
Pre-Signal Analysis: be bearish
Recommendation: for price movement below 84.02 23.6 fib = yes ... we are looking for the best sell gold
\\\\\Pair up again north trend, an attempt to break through the lower zone of the fractal-83.88 support failed, and the bulls again resumed the attack and began to develop the northern stochastic signal, now the pair has moved beyond the sliding alligator that gave an additional signal to the north, at the break of 84.60 local maximum (upper area of the fractal ) plan to buy more.````
I think USDJPY will rise to resistance level at 81.79.
4H downtrend line was broken and retested so I think it is going to go upward.
What is more RSI is around 50 so it is not overbought.
Good luck
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