USDJPY keeps going down. The situation for yen buyers is favorable.
There is high probability of the price testing 78.50. If the test is successful, the price may go further down to June’s low at 77.65.
According to RBC Capital Markets, the eurozone crisis is the major problem. The probability of further currency interventions is rather low.
According to RBC, in near-term perspective, seasonal factor will traditionally support the Japanese Yen. Consequently, every bullish effort should be viewed as n opportunity to short USDJPY.
Forex.
According to , USDJPY has finished forming the bullish move, represented by wave , В(С) of level Н2.
A break below the local low at 78.67 will resume the forming of wave A/B of Weekly in the form of sub-wave А(С)/С. If this is the case, 78.60 and 77.65 will turn into the closest major levels of support. Alternatively, a break above the local high at 79.16 will resume the forming of wave В(С). In this case, 79.95 will act as a level of resistance.
