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in the h1 time frame the pair is oversold with stoch and cci indicator but now it is try to come out. stoch is already giving us long signal. we can long this pair. in the chart we can see that 92.98 is a good support. long this pair with the target resistance at 93.95
Stochastic indicator is showing us the signal for selling because it is in overbought point but i think we will need to consider the momentum at the nearest resistance level at 93.90 before decide entering market . It is safer than enter now .
http://vangsaigon.com/iupload/images/uj132.bmp
http://www8.0zz0.com/2013/02/13/15/556720590.gif
we can see in the 4h chart
the pair can close up the up trend line
i see the pair will go to up way to 94.09
stochastic refers that the pair will go up
so our target buy from93.39 and our target will 70pips
Good luck
Some 20 yrs back, price was more then 300, around 10 years back price was around 150 and now 80, maybe after 5 yrs price goes to 50. but now we can see little bit improvement near 80.16..and once again this pair at this price level so we expect little bit more improvement.
elliott resistance in triangle 91.25
it may attempt atest higher to 90.86 - 91.04 after which weakness may set it to drift down to 90.36 limit
tecnical points
key point 90.75 - entry point 90.80 - elliott 91.25 - closing 90.71 - projection 90.03 - trend line 91.202
date- 14-2-2013
technical pivot point are-
resistance 3 - 94.78
resistance 2- 94.27
resistance 1- 93.83
pivot point- 93.32
support 1- 92.88
support 2- 92.37
support 3- 91.93
If we look on H4 time frame, we can see that the previous candle is an outside bullish candle. That candle indicates that the buyer start dominating the market. So, with this condition I think USDJPY will try to reach the resistance level at 93.71. Then, if USDJPY can also break that resistance, this pair may continue going up to the next resistance level at 94.31.Spoiler:
USD/JPY technical analysis for14.02.2013 by using : Indicator RSI (14)
If the currency pair made it through resistance at 93.79 levels will likely potential targets towards next resistance level at 94.11 and 94.44 furthest ranges - 94.99. And if instead got through support at 93.12 would likely potential targets towards next support at 92.94 level and the furthest range of 92.68 - 92.15.
Indicator RSI (14), a line pointing upward indicate the direction of the potential to rise.
Movement range:
Short: 93.05 - 93.85
Normal: 92.65 - 94.50
Width: 92.10 - 95.05
Market Trends:
Short-Term: Consolidation
Medium-Term: Bullish
Long-Term: Bearish
USD/JPY intraday: supported by a rising trend line.
Pivot: 92.90.
Our preference: LONG positions @ 93 with 93.85 & 94.45 in sight.
Alternative scenario: The downside penetration of 92.9 will call for a slide towards 92.4 & 92.1.
Comment: the pair is supported by a rising trend line and should post further advance as the RSI stands above its neutrality area and remains well directed.