USD/JPY : China, responsible for the fall of the Yen
--- Follow up analysis ---
The Yen has continued to depreciate against the US Dollar last wednesday and that has allowed the breakout of the psychological level at 80 (new buy signal). Yesterday, the pair USD/JPY made a correction and is currently testing the upper band of its medium term bullish channel (black lines). This level matches with the lower band of the short term bullish channel (blue lines in h1). A new bullish wave is expected.
We continue to advise long positions as far as 79.40 is support. A return above 80 will comfort our bullish feeling. The breakout of 80.50 will give a new buy signal and will allow the price to pursuit its bullish movement.
In case of return below 79.40, we will be neutral between this level and 79.
Analysis published by Bruno, the 10/26/2012 at 8h45 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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