USD/JPY Levels

Looking at the USD/JPY daily chart we can see a nice channel guiding price upwards:



Price currently trading around the pivot, contained within S1 and R1:



Ichimoku chart looks bullish -trading above the Kumo and following the bullish Tenkan/Kijun crossover:

 

notice the crossovers... risk/reward...

<a href="http://content.screencast.com/media/13da521d-136a-4c89-ab37-7af08a5fc585_e4e7210a-d70e-4e9a-b1ea-ac06782ba068_static_0_0_06162008-123440.jpg"><img src="http://content.screencast.com/media/13da521d-136a-4c89-ab37-7af08a5fc585_e4e7210a-d70e-4e9a-b1ea-ac06782ba068_static_0_0_06162008-123440.jpg" width="1919" height="1089" border="0" /></a>

 

Midterm bullish, yes. But I expect a fall to 107 this week. Current is 108.10.

PS. Guys, are u apt @ cuttin photos u unsert?! Too big for my screen.

 

support around 102.10

 

Took a short here at 107.40 looking to break 107 for a pullback possibly to 106.7 intraday

 

2hr chart..price needs to hold here on the major fork support line.

http://tinypic.com/view.php?pic=rldgd4&s=3

 

LoL @ Carry Trade determining fate of US Economy or Vice-Versa.

 

To the OP:

Though your charting was sound, I'm sure, your analysis was incorrect. You always have to weigh fundamentals against any technical analysis.