Date: 12.11.2012 Time: 18:15 Rate: 79.44
4 Hour chart
USD/JPY Forecast- It is possible to see that a descending price structure was created on the breaking of the 80.00 price level which indicates that the current low is not the last one. Continuation of the downtrend will probably lead the price to check the 70.40 support level again. On the other hand, breaching the 80.62 price level will continue the uptrend while its closest target is the 81.70 price level.
Current review for today
USD/JPY Forecast- Indeed the descending price structure has lead the price to the 79.16 Fibonacci correction level (50% technical correction level of the uptrend marked with blue broken line) while breaking the 79.16 price level will probably lead the price towards the next Fibonacci correction on the 78.87 price level and a descending under this level will probably lead it to check the last low area on the 77.94 price level once again. On the other hand, stoppage of the price at the current area and breaching the 80.62 price level will probably lead the price north towards the 81.70 price level.
You can see the chart below: