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The pair is trading in ascending channel and the Linear regression indicator supports the bullish move. The stochastic reaches at oversold region which supports the push the upside move in the coming week. According to my chart analysis, I prefer to buying the pair above 89.30 with targets 90.20, 90.85 then 91.50 and stoploss with four hour candle closing below 88.40.
USD/JPY currency pair returned to the level of 89.50. I think today the price may start forming a new ascending structure to break the target at 90, consolidate for a while inside a narrow trading range, and then continue growing up towards the target at 92.30.
While further decline to the south pair prevents tilting of the level of support which was established this northern wave, together with the horizontal resistance level 89.70 pair formed a converging triangle at the break of the upper limit of which is to turn over the northern side of the trend, sales will be considered only when the building below 89.40.
http://www14.0zz0.com/2013/01/21/19/927048669.gif
we can see in the m30 chart
the pair trading down the 23.6
I see the pair will go to down way to 89.56
stochastic refers that the pair will go down
so our target sell from 89.74 and our target will 20pips
Good luck
although the pair managed to hold above the 89.00 level but failed to continue bullish above 90.00 pair currently experiencing means sideway consolidation that will define and test the strength of the highest level, whether as a turning point if it is not strong pair penetrate this level or be a point when the pair very bullish continuation strong bullish
USDJPY today's open price was below pivot level, so it will likely go down towards 89.20 and may continue to move lower to as low as 88.78. However, if the pair move above pivot level 89.72, it is possible to go up towards 90.11 or higher.
short positions at 89.60 with 89.20 and 89.00 as next targets
the breakout of 89.95 will call for arebound towards 90.25
http://i48.tinypic.com/2ccp5i0.gif
The pair drops sharply but still trading in an ascending channel which keeps our bullish scenario valid. As long as the pair is stable above 88.70 we remain in favor of bullish movement. Breaks of ascending channel supports will threatens our bullish scenario. According to our chart analysis, I prefer to buying the pair above 89.00, with targets 89.75, 90.20 then 91.50 and stoploss with four hour candle closing below 88.40.
On the daily chart has formed a sell signal MASD - it is also present on the 4 hour chart which also markedly and its divergence, the pair falls with increased volume, the bulls seem to have started to take profits, which subsequently may lead to at least medium-term decline, the first goal - to support 8793.