USDJPY

Things are looking ugly. All kinds of support levels approaching. Somewhere around 92.50 could be a first port of call in what looks like a 5 way move down form the recent high.

dl.dropboxusercontent.com/u/7238706/USD_JPY.png

Nice hammer on the usdjpy pair. entry half way down the hammer with stops below.
not for the faint hearted due to volatility.

dl.dropboxusercontent.com/u/4899609/jpyusd9thjune.png

This is back at the main uptrend support again today:



dl.dropboxusercontent.com/u/20815047/FTS...JPYdaily06_06_13.gif

This should be a free trade now....
Perfect entry again

Trend line play
This could be bouncing of the short term trend line. stops below the recent low at 10068.
The risk is small compared to the reward.
This is a very volatile currency so nopt for the faint heart .


There is an inside bar on this as well

I re-opened that short when the short term trendline broke but closed again at the 94.28 support. This is a strong area with plenty of support from the daily uptrend and 94.28 and 94.46 levels as well as being at daily RSI support as shown on the daily chart:



dl.dropbox.com/u/20815047/USDJPYdaily24_03_13.gif

Th 4H chart shows this area in close up:



dl.dropbox.com/u/20815047/USDJPY4H24_03_13.gif

The question is: will the daily and 4H bearish divergences prove stronger than the uptrend support or vice versa? Either way there should be some good pips to be made quite soon on this pair.