Usd/Jpy

elliott irregular flat correction down 97.46 it may attempt a test higher to 99.41 - 100.02 after which weakness may set it to a drift down to 97.65 limit
support and resistances
res2 101.17
res1 100.02
piovt 98.80
sup1 97.65
sup2 96.43

the pair trade down the down trend in 1h chart

stochastic refers to down way

so the pair will continue to down way
http://www2.0zz0.com/2013/08/08/02/342630205.png

USD/JPY yesterday has broken the key support 9764. Since the trend is clearly bearish, if price retraced back to the level which is now has turned into resistance then we will find a short opportunity.

The current price action has turned the momentum but I would like to see How it behaves With a break below 96.61 yesterday I would like to see pair carry its momentum towards 95.70 and break there is need to test 93.79 area and we should one more decline before wave IVth is finally finished and we would like to say it would be a long term bottom as a start of new wave

regards

Couple on the daily chart has already draws the southern formation ... is seen that the second peak is lower than the first and the breakdown of local-level support that leads to the bottom front of the couple opened a blank space for the continuation of the fall, so that the image appears to think that the goal for the fall could be around to 94.00 ..

USD/JPY Signal Today

The greenback ended the session on Wednesday with losses of 1.45%, versus the yen, extending its decline for the fourth session in a row. The pair broke below supports at 97.50; bottom end of the medium term bullish channel and could be headed lower to 95.00- 96.00 yen. Only a bounce back above 98.00 yen over the next couple of sessions would negate the bearish view


Trend direction

Short term: Bullish
Medium term: Bullish
Long term: Bearish

Trading Recommendations

Short:

Hold on to short positions initiated at 97.00 with a stop at 97.20 for a profit target of 96.20
At 97.70 with a stop at 98.00 for a profit target of 96.50

Long:

At 98.10 with a stop at 97.70 for a profit target of 99.50

USD/JPY pair is now down trend. The price already touched daily support 2 level (96.879). I think the price may touch lower trend line.

http://i1311.photobucket.com/albums/...psfdc19acc.jpg

From the southern reduction pair could not even stop and sloping level (lower limit of the channel), the pair almost effortlessly broke this mark (area 97.00 figure) on the daily chart remains good potential for further reduction of up to 94.00 figure-moving area 200.

USD/JPY intraday: the pair stays within a DOWNTREND channel
Pivot@ 96.9
My choice: Open SELL positions under 96.9 with targets at 95.7 and 95.15 in extension.
Alternate choice conditions: On top of 96.9 check for further up-side with 97.45 and 97.8 as targets.
http://dl.dropbox.com/u/51561036/scr...808-201849.jpg

The pair remains under strong selling pressure that centered around moving the alligator, it was after lights out with the green moving again resumed its course and is now trying to reduce the area to overcome the lower fractal-96.14, break of which could open the way down to the 95.00 figure.