USD/JPY : Simple correction or trend reversal?
--- New analysis ---
The pair USD/JPY has rebounded last friday on the support at 77.50 and continued its movement towards the upper band of the medium term bearish channel (currently tested). On the short term, a bullish slant seems to lead the movement (black line - h1). The price is into a neutral zone between 78 and 78.32.
We advise to wait an exit of this range to take position:
- Long if 78.32 is broken. We could then target 78.60 and 78.80 in extension
- Short in case of return below 78. A new test of 77.50 will be then expected.
Analysis published by Bruno, the 10/03/2012 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|