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Bank of Japan meeting today will be a great event and the much anticipated failure or delay in the utilization of funds by 5 trillion yen will be very strong impact for the yen, a figure that is closer to 10 trillion Yen Yen or more with a shot opportunity is very high, so Team FX is expressed from Westpac.
united state dollar going week against the jpy in h1 time frame chart and today make a selling position
current trend in sideways condition but near a selling area/zone
thanks and happy pips
i think that USDJPY will move upward on the short term as we have a strong moving uptrend and a strong support level@80 so i suggest buying now with tp1@81 and stop loss@79.60.
USDJPY has approached to 50 % retracement of major uprend ,also hovering above most psychological important support at 80.00 .i think the pair is managing to start impulsive move to the upside sooner or later.us treasury yield must be considered as this pair highly correlated with us bond yield.
http://img265.imageshack.us/img265/8489/usdjpyf.png
After facing the strong support level @ 79.60 ( 0.0%) the pair now is moving up and will hit the resistance level @ 80.68 (23.6%) , i think it is a weak level so the pair will break it and continue moving up till reaching the downtrend line as shown in the chart , then the pair will make a retest and move down again , so i think it is better to buy now on short term with small profit or wait for becoming close of the indicated trend line then sell the pair
i think that we should sell now as we have a moving down channel so i predict that USDJPY will move down ward on the long term until it reach the lower moving down trend and the daily chart shows that .
There is a down channel in H4 chart. Moreover, the price is under the Ichimoku Kumo Cloud and EMA 200. These signals confirm for the downtrend. So, I think the price will be down ti the lower channel line and then be up.
http://s12.postimage.org/jowsdhirh/image.jpg
It is difficult for the BOJ to be able to control the risk appetite of the yen market. There is no definite statement about what to do with the BOJ and the Japanese finance ministry, but the volatility that has been formed is enough for the authorities in the improvement of the monetary program and fiscal policies are being applied by the BoJ.(bloomberg.com)
In my technical analysis yesterday correction of USDJPY rose to 79.62 area in accordance with the expectations of the market to reduce massive movement of the weakening yen. Breakdown of 50% Fibonacci level weekly may be as a medium-term projections for the yen to weaken, at least testing the 81.00 area this week and signal weakness in the break area of 80.40, the heart - the heart will be 61% Fibonacci level weekly area 79.20.
USD/JPY has a side way trend at the moment in H4 chart . Bollinger bands (10,2) are running parallel.And very thin. Show a low volatility market. H1 and daily chart suggest still the down trend exist. So i think this pair will continue it's bearish momentum for a while
The USD/JPY failed to benefit from the carry trade renaissance that occurred over the last 8 weeks. This happened primarily because interest rate differentials between Japan and the US were shrinking at a pace never seen since 2001. Still in the past 4 week those circumstances have clearly changed.