USD/JPY : Exit of the medium term bullish channel
--- New analysis ---
The pair USD/JPY has just validated the exit of its medium term bullish channel (black lines) and is currently moving just below the resistance at 79.40. The bearish movement, started at the beginning of November is taking place into a short term bearish channel (purple lines).
We advise to trade only short positions as far as 79.80 is resistance. We will target at first a test of the support at 78.93. The breakout of this level will give a new sell signal and should allow the price to reach the next support at 78.50.
In case of return above 79.80, we will be neutral between this level and 80.
Analysis published by Bruno, the 11/13/2012 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|
For more reports, go to Forextribe