Updated the:
USD/JPY : Test of the daily support at 78

Sentiment :

--- New analysis ---
The trend reversal has not been confirmed on USD/JPY by the breakouf of the major resistance at 79.16. Indeed, the price has retraced the whole of its last bullish rebound and got back below 78.66 (giving us a sell signal). Currently, the pair is testing the major support at 78 (lows of June and August).

We continue to advise short positions as far as 78.66 is resistance. The breakout of 78 will give a new sell signal and will open the way towards 77.66. In h4, the bearish scenario is reinforced by a bearish channel (purple lines).

In case of return above 78.66, we will be neutral between this level and 79.

Analysis published by Bruno, the 09/10/2012 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