USD / JPY: The Bank of Japan seems powerless against the rise of the Yen
--- Follow up analysis ---
The Yen continues to appreciate against the US Dollar. Currently, the price is testing the support at 77.50. The movement is leading on the short term in h1 by a bearish slant (black line).
On the medium term, the pair is still moving into its bearish channel (purple lines) and is close the lower band. We maintain to trade only short positions as far as 78 is resistance. The breakout of 77.50 will give a new sell signal and should open the way towards the low of September 13th at 77.13.
In case of return above 78, we will be neutral between this level and 78.32 (upper band of the channel).
Analysis published by Bruno, the 09/28/2012 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|
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