USD/JPY : Elections in Japan lead to the resumption of the uptrend
--- Follow up analysis ---
The Yen continues to depreciate againt the US Dollar. The price is now moving above its medium term bullish channel (black lines) and got over the resistance at 81, giving us a new buy signal. Howerer, the pair USD/JPY seems to make a break into its bullish rally and is moving since November 15th between the support at 81 and the resistance at 81.50. Despite this, the price has opened the week on a small bullish gap.
We continue to advise long positions as far as 80.75 is support. The breakout of 81.50 will give a new buy signal and should allow the price to reach the next resistance at 82.
In case of return below 80.75, we will be neutral between this level and 80.25.
Analysis published by Bruno, the 11/19/2012 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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