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USD/JPY : Towards a test of the psychological level at 80

Sentiment :

During the middle of August, the pair USD/JPY got out of its medium term bearish channel (black line) and the breakout of 78.66 gave us a buy signal. Then, a bullish rally occured towards the resistance at 79.58.

A pullback on the major support at 79.17 stay possible but we expect during the next days a pursuit of the bullish movement for a test of the pyschological level at 80. The breakout of 79.58 will validate this scenario.

In h1, the pair is currently testing the upper band of a former bullish channel (purple lines) and that could lead to a new bullish wave.

We stay bullish as far as 79 is support. In case of return below this level, we will be neutral between 79 and 78.66.

Analysis published by Bruno, the 08/21/2012 at 8h40 GMT+2

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