USD/JPY Weekly Technical Report 3-7/12/2012

The pair might be forming a harmonic 5-0 Pattern that remains valid with stability below 83.35; if the pair reaches that level the formation might be a bearish Shark Pattern. In Both cases, the downside move is possible, which is a bearish correctional move supported by momentum indicators that shows negative signals.

The trading  range for this week is among key support at 80.00 and key resistance now at 84.15.

The general trend over short term basis is to the  downside  targeting     0.8860     as far as areas of      0.9775        remain intact.

Support 82.25 82.00 81.60 81.25 80.65

Resistance 82.40 82.80 83.00 83.35 83.65

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 82.40 targeting 82.00, 81.60 then 80.65 and stop-loss with four-hour closing above 83.35 might be appropriate this week