USD/JPY : Neutral zone between 78 and 78.33
--- Follow up analysis ---
The pair USD/JPY has continued its bullish movement these last days and the breakout of the resistance at 79.14 gave us a new buy signal. The price is moving into a medium term bullish channel (black lines) but also into a short term bullish channel (blue lines).
We expect a pursuit of the movement during the next days. The breakout of 79.59 will give a new buy signal and will open the way towards the major resistance at 80. We continue to advise long positions as far as 78.80 is support.
If an exit of the short term channel occur, a correction could occur towards the lower band of the medium term channel but this will not put in danger the bullish trend. Only the breakout of 78.61 will give a sell signal.
Analysis published by Bruno, the 10/19/2012 at 8h35 GMT+2
Chart of the pair USD/JPY - Timeframe 4H
Chart of the pair USD/JPY - Timeframe 1H
|USD/JPY Live Chart - Timeframe : 4h|