USD / JPY: The Bank of Japan seems powerless against the rise of the Yen
--- New analysis ---
The Yen is still appreciating againt the US Dollar and the breakout of the major support gave us a new sell signal. A pullback on this level stay possible before a test of the next support at 77.50. The movement is leading in h1 by a short term bearish slant (black line).
We continue to advise short positions as far as 78.33 is resistance. This level matchs with the upper band of the medium term bearish channel (purple lines). The breakout of 77.50 will give a new sell signal and will open the way towards 77.
In case of return above 78.33, we will be neutral between this level and 78.60.
Analysis published by Bruno, the 09/25/2012 at 8h40 GMT+2
Chart of the pair USD/JPY - Timeframe 4H
Chart of the pair USD/JPY - Timeframe 1H
|USD/JPY Live Chart - Timeframe : 4h|