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USD/JPY : Back into the bearish trend

Sentiment :

Yesterday, a strong bearish movement occured on the pair USD/JPY who got back in one candlestick into a bearish trend. All levels of supports have been broken and also the lower band of the bullish channel (purple lines).

The breakout of 78.66 gave us the sell signal. Currently, the pair seems to make a break to breath. We expect a pursuit of the bearish movement for a return during the next days on the annual lows towards 78.05. The breakout of 78.29 will validate this scenario.

We stay bearish as far as 78.80 is resistance. In case of return above this level, we will be neutral between 78.80 and 79.

Analysis published by Bruno, the 08/23/2012 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