USD/JPY : New easing from the Bank of Japan
--- Follow up analysis ---
The pair USD/JPY took up yesterday its bullish trend. The exit from the top of the range 78.94/79.58 gave us a buy signal. Currently, the price is testing the psychological level at 80 and just got out of its short term bearish channel (blue lines in h1).
We continue to advise long positions as far as 79.58 is support. The validation of the breakout of 80 will give a new buy signal and will allow the price to reach the highs of October 26th towards 80.40 and to reach 81 in extension. A breakout of the upper band of its channel (black lines) will comfort this scenario.
In case of return below 79.58, we will be again neutral between this level and 78.94.
Analysis published by Bruno, the 11/01/2012 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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