Updated the:
USD/JPY : Accumulation zone above 78.04

Sentiment :

Last week, the bearish movement has continued on the pair USD/JPY until the support at 78.04. This level is very important and allowed the price to shape an accumulation zone between 78.04 and 78.65.

The pursuit of the bearish movement is expected on the next days. The breakout of 78.04 will give a new sell signal and will allow the price to reach the low of June 1st at 77.66 and 77.50 in extension.

This scenario is reinforced by a bearish channel in h4 (black lines). We stay bearish as far as 78.65 is resistance. In case of return above this level, we will be neutral between 78.65 and 78.80. The breakout of 78.80 will give a new signal.

Analysis published by Bruno, the 08/02/2012 at 8h40 GMT+2

Complete sheet of the pair USD/JPY - Previous USD/JPY Analysis
Chart of the pair USD/JPY - Timeframe 4H
Chart of the pair USD/JPY - Timeframe 1H
USD/JPY Live Chart - Timeframe : 4h