USD/JPY : New test of the lower band of the medium term bullish channel
--- New analysis ---
The pair USD/JPY has just retraced the whole of its bullish movement of last week. Currently, the price is testing the lower band of its medium term bullish channel (purple lines) and also the support at 79.41. This last movement has occured into a short term bearish channel (blue lines in h1).
We are neutral at this time between 79.41 and 80. We advise to wait an exit of this range to take position:
- Long in case of return above 80 (will indicate an exit of the short term channel). We will then target a new test of 80.50 and 81 in extension
- Short in case of breakout of 79.41 (will indicate an exit of the medium term channel). The next support is at 78.92.
Analysis published by Bruno, the 11/09/2012 at 8h55 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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