Date: 13.11.2012 Time: 18:15 Rate: 79.44
4 Hour chart
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.
Current review for today
USD/JPY Forecast- The price has ranged between the 79.16 and the 79.66 price levels. Breaching the upper ranging level will probably lead the price towards the 80.00 price level at first stage. On the other hand, breaking the lower ranging level will probably lead the price to the 78.87 price level which is a 61.8% Fibonacci correction of the last uptrend marked with blue broken line.
You can see the chart below: