http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-12-12.htmlUSD/JPY Chart Levels: Support 77.00...76.57...75.95…75.31. Resistance 78.29...78.45...79.00...79.55. Simply put, this is just not a real market. Not surprisingly at-the-money implied-volatility is very low, as are futures volume and open interest. Prices are hovering under the upper edge of the ‘channel’ that has held since May last year. We continue to watch for signs of topping against the 26-day moving average at 78.40 as all aspects of this weekly Ichimoku ‘cloud’ chart still suggestMon, 12 Dec 2011 13:46:11 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-12-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-12-05.htmlUSD/JPY Chart Levels: Support 77.00...76.57...75.95…75.31. Resistance 78.29...78.45...79.00...79.55. Inching up to the top of the ‘channel’ that has held since May last year. We shall be looking for prices to top against here this week, helped by the 26-day moving average at 78.40 as all aspects of this weekly Ichimoku ‘cloud’ chart still suggest sellingthe US dollar against the yen. However, rather than dropping like a stone we expect messy consolidation either side of 77.00, where it hasMon, 05 Dec 2011 13:52:20 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-12-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-28.htmlUSD/JPY Chart Levels: Support 77.40...77.00...76.57…76.10 . Resistance 77.90...78.45...79.00...79.55. An extraordinarily thin and no longer descending daily Ichimoku ‘cloud’ has allowed dollar/yen to bounce from 61% Fibonacci retracement and the bottom of the ‘cloud, breaking above its thinnest bit though moving averages have yet to turn to a buy. This adds weight to our view that one must prepare for a long bout of messy correction and consolidation around 77.00, where it has traded for muchMon, 28 Nov 2011 14:33:05 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-28.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-22.htmlUSD/JPY Chart Levels: Support 76.50...76.00...75.55…75.35. Resistance 77.50...77.85...78.45...79.55. Inching lower day by day, trying to cling to 61% Fibonacci retracement and the bottom of what has become an exceptionally thin daily Ichimoku ‘cloud’; the term ‘currency manipulator’ springs to mind. More importantly prices are back down around 77.00, where they have traded around for much of the time since late July. Therefore we favour a drop towards 76.00 and a lot more sideways work betweenTue, 22 Nov 2011 06:19:52 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-22.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-15.htmlUSD/JPY Chart Levels: Support 76.80...76.50...76.00…75.65. Resistance 77.50...77.85...78.45...79.55. October’s intervention was arguably as effective as August’s, prices retracing 61% of the rally to test the bottom of the daily Ichimoku ‘cloud’. More importantly prices are back down sub-77.00, where they have traded around for much of the time since late July so we now favour a drop towards 76.00 and a lot more sideways work between here and the 78.00 area. Above all, tiny daily ranges areTue, 15 Nov 2011 08:58:25 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-15.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-08.htmlUSD/JPY Chart Levels: Support 77.89...77.40...76.75…75.65 . Resistance 78.50...78.75...79.05...79.55. Since the Bank of Japan intervened last Monday dollar/yen has been hovering in a suspiciously tiny range just above 78.00 at the upper edge of the flat-topped daily Ichimoku ‘cloud’. Despite forming a potential ‘pennant’ since then, which hints at a possibly second sudden short-squeeze, all aspects of the weekly Ichimoku ‘cloud’ chart continue to point to a short position. Prices have onlyTue, 08 Nov 2011 05:50:23 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-08.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-01.htmlUSD/JPY Chart Levels: Support 77.50...77.00...76.30…75.95 . Resistance 78.00...78.50...79.05...79.55. The Bank of Japan intervened Sunday night/Monday morning GMT for the first time since August the 4th after keeping prices in a tiny range around 77.00 for weeks and weeks. Despite the four big figure move today all aspects of the weekly Ichimoku ‘cloud’ chart continue to point to a short position. Prices have only retraced 38% of this year’s declines though a daily move +13.25% from a newTue, 01 Nov 2011 07:27:21 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-11-01.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-10-25.htmlUSD/JPY Chart Levels: Support 76.00...75.78...75.50…75.00. Resistance 76.60...77.10...77.50...78.65. Dipping to a new record low at 75.78, below a re-drawn right-angled ‘triangle’ and a weekly close below the irregular bottom edge of the pattern. All aspects of the weekly and daily Ichimoku ‘cloud’ charts continue to point to a short position but with prices moving so very slowly many may have given up by now; average futures volume is roughly half of 2007’s peak. Not surprisingly at-the-moneyTue, 25 Oct 2011 13:08:00 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-10-25.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-10-17.htmlUSD/JPY Chart Levels: Support 77.00...76.60...76.20…75.94. Resistance 77.50...77.86...78.65...79.45. Breaking above the apex of the right-angled ‘triangle’ as we trade sideways in a minuscule range for nine consecutive weeks. Though all aspects of this weekly Ichimoku ‘cloud’ chart continue to point to a short position there is a good chance that we shall continue to snake along just above the record low at 75.94 for another month as the declining 9-week moving average doesn’t seem to haveMon, 17 Oct 2011 10:50:29 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-10-17.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-10-10.htmlUSD/JPY Chart Levels: Support 76.20...75.94...75.00…74.00. Resistance 77.27...77.86...78.65...79.45. Hard to work out exactly what’s happening as this pair barely trades in a minuscule range, holding in a right-angled ‘triangle’ since late July. All aspects of this weekly Ichimoku ‘cloud’ chart continue to point to a short position but many are wary of central bank interference. Perhaps a declining 9-week moving average might add some downward pressure. Our targets include the psychologicalMon, 10 Oct 2011 13:14:17 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-10-10.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-09-26.htmlUSD/JPY Chart Levels: Support 76.20...75.94...75.00…74.00 Resistance 77.00...77.86...78.65...79.45. Extraordinarily quiet as we consolidate inside another irregular ‘triangle’ – a continuation pattern – just above the record low at 75.94. All aspects of this weekly Ichimoku ‘cloud’ chart continue to point to a short position but many are wary of central bank interference. While below 78.00 downside pressure is maintained, targets include the psychological 75.00 and a measured one at 74.30,Mon, 26 Sep 2011 15:32:03 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-09-26.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-09-19.htmlUSD/JPY Chart Levels: Support 76.55...76.25...75.94…75.00. Resistance 77.35...78.00...78.65...79.45. Mercifully quiet as we consolidate inside another irregular ‘triangle’ – a continuation pattern – while other financial instruments push at the boundaries of the possible. All aspects of this weekly Ichimoku ‘cloud’ chart continue to point to a short position so prepare for a break below August’s record low at 75.94. While below 78.00 downside pressure is maintained, targets include theMon, 19 Sep 2011 14:16:56 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-09-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-09-12.htmlUSD/JPY Chart Levels: Support 76.25...75.94...75.00…74.30. Resistance 77.85...78.50...79.35...80.25. Little to add as we consolidate inside another irregular ‘triangle’ – a continuation pattern. All aspects of this weekly Ichimoku ‘cloud’ chart continue to point to a short position so a break below August’s record low at 75.94 must be allowed for. While below 80.00 downside pressure is maintained. Targets include the psychological 75.00 and a measured one at 74.30, with 72.00 also aMon, 12 Sep 2011 14:19:05 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-09-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-30.htmlUSD/JPY Chart Levels: Support 76.25...75.94...75.00…74.30. Resistance 77.70...78.75...79.35...80.25. Such very slow work but this is to be expected when we push at the bounds of credibility. All aspects of this weekly Ichimoku ‘cloud’ chart continue to point to a short position so a break below August’s record low at 75.94 must be allowed for. While below 80.00 downside pressure is maintained. Targets include the psychological 75.00 and a measured one at 74.30, with 72.00 also a possibility.Tue, 30 Aug 2011 12:40:15 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-30.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-15.htmlUSD/JPY Chart Levels: Support 76.25...75.50...75.00…74.30. Resistance 78.00...79.00...79.50...80.25. Tens of billions spent on intervention and nothing to show for it. What had been support becomes resistance, classic Technical Analysis, and so now while below 80.00 downside pressure is maintained. All aspects of this daily Ichimoku ‘cloud’ chart still point to a short position so it is probably just a matter of time before we break below March’s record low at 76.25. Allow for hesitation aboveMon, 15 Aug 2011 12:52:41 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-15.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-08.htmlUSD/JPY Chart Levels: Support 77.00...76.25...75.00…72.50. Resistance 79.00...79.50...80.25...81.50. The Japanese authorities spent billions last week trying to prop up this pair that is testing very long term ‘channel’ support. Considering their previous ‘line in the sand’ had been 80.00, it must have been very disheartening for them not even to be able to keep this pair above here now. What had been support becomes resistance, classic Technical Analysis, and so now while below 80.00 downsideMon, 08 Aug 2011 14:25:38 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-08.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-01.htmlUSD/JPY Chart Levels: Support 76.70...76.25...75.00…72.50. Resistance 78.05...78.75...79.80...81.50. During July the US dollar lost ground against many major currencies, taking the Swiss franc to a record CHF 0.7851 and losing 4.25% against the yen. It managed its lowest ever weekly and monthly closes at JPY 76.75, adding even more downside pressure to a pair that is testing very long term ‘channel’ support. This is maintained while below 1998’s ‘channel’ and the ‘triangle’ that dominatedMon, 01 Aug 2011 10:35:13 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-08-01.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-07-25.htmlUSD/JPY Chart Levels: Support 78.00...77.50...77.00…76.25. Resistance 79.35...80.15...80.85...81.50. Last week the US dollar lost ground against all major currencies, by quite a lot against some, by very little against several Asian ones. A second successive lowest ever weekly close has increased bearish momentum and taken the RSI close to some of the most oversold levels. This probably explains the hesitant moves down we have seen again. All aspects of this weekly Ichimoku ‘cloud’ chartMon, 25 Jul 2011 10:39:39 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-07-25.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-07-18.htmlUSD/JPY Chart Levels: Support 78.95...78.45...77.00…76.25. Resistance 79.65...80.40...81.50...82.25. The weekly close below increasingly important support at 80.00 is significant suggesting the authorities might be overwhelmed with investors’ search for safe havens in a fragile global economic environment. It is also the lowest ever weekly close, and has increased bearish momentum. Because this is not at an extreme and because the US dollar is not oversold against the yen these point to smallMon, 18 Jul 2011 14:44:54 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-07-18.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-06-27.htmlGBP/USD Chart Levels: Support 1.5900..1.5855..1.5800..1.5750. Resistance 1.6070..1.6155..1.6265..1.6350. Such a pity Cable still hasn’t found an interim base in what we still see as an A, B, C-type correction from this year’s high at 1.6747. Were C to be the same size as A this would take it down to 1.5855, just under the 61% Fibonacci retracement of this year’s rally (1.5880); we continue to watch for a base. Note that it is slightly oversold today and that momentum is only just bearish. VeryMon, 27 Jun 2011 16:30:39 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-06-27.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-06-13.htmlUSD/JPY Chart Levels: Support: 80.00...79.50...78.85…76.25. Resistance: 80.77...81.50...82.25...83.25. Little to add as we continue to hover around increasingly important support at 80.00. The risk of intervention is real and understandable so traders should be wary however, the fact that prices have held in a relatively small range (80.00 to 82.00) over the last six weeks, keeping implied volatility subdued, hints that investors are getting used to these ultra-low historical levels. It alsoMon, 13 Jun 2011 13:41:08 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-06-13.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-06-06.htmlUSD/JPY Chart Levels: Support: 80.00...79.50...78.85…76.25. Resistance: 81.00...81.77...82.25...83.25. We continue to favour a re-test of increasingly important support at 80.00. The risk of intervention is real and understandable so traders should be wary. However, the fact that prices have held in a relatively small range (80.00 to 82.00) over the last month, keeping implied volatility subdued, hints at a sustained break down later this month or some time over the summer. It also hints atMon, 06 Jun 2011 13:13:18 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-06-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-05-23.htmlUSD/JPY Chart Levels: Support: 81.30...80.95...80.00…79.00. Resistance: 82.25...82.50...83.25...84.00. Difficult as prices hold inside the narrow range that has held for much of the time since October (80.00 to 84.00) so that one is forced to use a magnifying glass to look at ever smaller daily and intra-day moves. Allow for more random small moves either side of 81.00 this week, maybe until the end of this month, with Thursday’s ‘shooting star’ hinting at an initial re-test if increasinglyMon, 23 May 2011 13:21:06 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-05-23.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-05-16.htmlUSD/JPY Chart Levels: Support: 80.00...79.00...78.80…78.25. Resistance: 81.50...82.00...82.50...83.25. Subdued open interest, down where it was pre-2005, is probably a ‘good thing’ as the currency is no longer the funding one of choice. Increasingly important support at 80.00 looks set to be re-tested this week or next as prices retreat back inside the band that has dominated since November. Allow for more random small moves either side of 81.00 this week, maybe until the end of the month.Mon, 16 May 2011 13:52:03 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-05-16.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-04-19.htmlUSD/JPY Chart Levels: Support: 82.50...82.00...81.30…80.85. Resistance: 83.27...84.00...84.50...85.50. Rather messy as good resistance at 85.50 pushed dollar/yen back inside the ‘triangle’ that has dominated since November and we trade at 82.70, the average price since then. Allow for more random small moves either side of here this week, maybe until the end of the month but note that holiday-thin conditions (Easter, May Day and Japan’s Golden week) might play havoc with the best-laid plans.Tue, 19 Apr 2011 06:36:21 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-04-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-04-11.htmlUSD/JPY Chart Levels: Support: 83.80...83.00...82.50…81.30. Resistance: 85.18...85.55...86.00...87.00. While we continue to favour a backdrop of generalised US dollar weakness our medium term view on the yen has changed following March’s massive ‘hammer’. It suggests an interim low is in place almost one standard deviation below the very long term mean regression which currently lies at 85.50. Resistance here is considerable, 50% retracement of 2010’s decline and the lower edge of a large andMon, 11 Apr 2011 12:27:45 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-04-11.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-28.htmlUSD/JPY Chart Levels: Support: 81.30...80.60...80.00…79.00. Resistance: 82.00...82.75...83.30...84.00. A second weekly close (just) below the bottom of the ‘triangle’ that started in November means that all elements of this weekly Ichimoku chart still point to a short position, despite the strong rally from the record low at 76.25. We are currently watching for a new interim high to form, hopefully around 82.00, for another drop to 79.00. Note that we continue to favour a backdrop ofMon, 28 Mar 2011 10:18:33 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-28.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-21.htmlUSD/JPY Chart Levels: Support: 80.50...79.50...78.25…76.25. Resistance: 81.75...82.00...82.75...83.30. Wild gyrations and soaring implied volatility last week as, in very thin market conditions, dollar/yen hits a new record low triggering stop loss orders. The weekly close below the ‘triangle’ that started in November means that all elements of this weekly Ichimoku chart still point to a short position, despite the billions spent by central banks to prop up the greenback. Note that we continueMon, 21 Mar 2011 10:48:17 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-21.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-14.htmlUSD/JPY Chart Levels: Support: 81.50...81.10...80.90…80.21. Resistance: 82.55...83.30...83.55...84.00. Amazingly holding inside the neat little ‘triangle’ that started in November with the biggest disaster to hit the Japanese economy since World War II. All elements of this weekly Ichimoku chart still point to a short position, as they have done since July. A re-test of the multi-year low at 80.21 looks imminent and the next question is how the market will react at the all time low of 79.75 ofMon, 14 Mar 2011 11:21:28 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-14.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-07.htmlUSD/JPY Chart Levels: Support: 81.50...81.10...80.90…80.21. Resistance: 82.50...83.09...83.50...84.00. Little to add as we continue inside the neat little ‘triangle’ that started in November. All elements of this weekly Ichimoku chart still point to a short position, as they have done since July. A re-test of the multi-year low at 80.21 looks imminent and the next question is how the market will react at the all time low of 79.75 of 1995. Note that we continue to favour a backdrop ofMon, 07 Mar 2011 11:02:00 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-03-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-28.htmlUSD/JPY Chart Levels: Support: 81.30...80.90...80.21…79.75. Resistance: 82.50...83.15...83.50...84.00. The weekly Lagging Span hit resistance from August’s candles and sent prices to the bottom of the neat small ‘triangle’ that has dominated since November. We must remind readers that the smaller the absolute price, the bigger the percentage moves relative to price moves, so the closer anything gets to zero the smaller price moves become. All elements of this chart still point to a shortMon, 28 Feb 2011 10:50:15 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-28.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-21.htmlUSD/JPY Chart Levels: Support: 83.00...82.50...82.00…80.21. Resistance: 84.00...84.50...85.40...86.00. Redrawing the line at the top of ‘triangle’ consolidation as we get a weekly close just under the 26-week moving average. We shall allow for yet more sideways consolidation, noting that the weekly Lagging Span hits resistance from the candles for the next four weeks. All other elements of this chart still point to a short position. The timing of renewed downside probes has been postponed aMon, 21 Feb 2011 10:40:35 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-21.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-14.htmlUSD/JPY Chart Levels: Support: 83.00..82.60..82.00..80.21. Resistance: 83.70..84.50..85.40..86.00. Breaking above the top of ‘triangle’ consolidation and managing a weekly close above the 26-week moving average – yet not nearly as Technically interesting as some might think. It does signify a shift of focus away from repeated downside testing of key support, to sideways consolidation in an as yet to be established band. The lagging Span hits resistance as from this week and all other elementsMon, 14 Feb 2011 11:59:43 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-14.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-07.htmlUSD/JPY Chart Levels: Support: 81.77..80.90..80.21..79.75. Resistance: 82.50..83.22..83.70..84.50. Tiny ranges inside ‘triangle’ consolidation with all elements of this weekly Ichimoku ‘cloud’ chart still suggesting a short position. Last week’s small ‘spike low’ at 81.10 hints that we may hold above here this week, though perhaps the descending 26-week moving average will nudge prices lower later this month. In what will probably be a slow, drawn out process so that we may not get a re-testMon, 07 Feb 2011 11:14:33 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-02-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-01-31.htmlUSD/JPY Chart Levels: S upport : 81.85..80.95..80.21..79.75. Resistance : 83.22..83.70..84.50..85.00. Almost too neat price action as we consolidate in tiny ranges in ‘triangle’ consolidation mode, all elements of this weekly Ichimoku ‘cloud’ chart pointing to a short position. Perhaps the descending 26-week moving average will nudge prices towards the bottom of the formation. In what will probably be a slow, drawn out process so that we may not get a re-test of 2010’s low at 80.21 for anotherMon, 31 Jan 2011 11:55:02 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-01-31.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-01-24.htmlUSD/JPY Chart Levels: S upport 81.85..80.95..80.21..79.75. Resistance 83.70..84.50..85.00..85.40. Rather dull ‘triangle’ consolidation and all elements of this weekly Ichimoku ‘cloud’ chart point to a short position. Perhaps the descending 26-week moving average will nudge prices towards the bottom of the formation. In what will probably be a slow, drawn out process so that we may not get a re-test of 2010’s low at 80.21 for another month or two, we shall prepare for a test of 1995’s all-timeMon, 24 Jan 2011 11:03:26 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2011-01-24.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-12-20.htmlUSD/JPY Chart Levels: Support 82.80..82.35..81.65..80.21. Resistance 84.51..85.00..85.40..86.00. The bounce since November’s multi-year low at 80.21 is modest, keeping all aspects of this weekly Ichimoku ‘cloud’ chart pointing to a short position. We see this as a consolidation phase where we are in the process of establishing a new interim high. It will probably be a slow, drawn out process so do not expect a re-test of this year’s low at 80.21 this month and maybe not in January either. WeMon, 20 Dec 2010 14:34:30 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-12-20.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-12-13.htmlUSD/JPY Chart Levels: Support 83.00..82.35..81.65..80.21. Resistance 84.41..85.00..85.40..86.00. Despite November’s rally all aspects of this weekly Ichimoku ‘cloud’ chart point to a short position. Note that we have rallied by a lot less than 38% of the decline in prices since May. We see this as a consolidation phase where we are in the process of establishing a new interim high. It will probably be a slow, drawn out process so do not expect a re-test of this year’s low at 80.21 this month.Mon, 13 Dec 2010 14:12:48 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-12-13.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-12-03.htmlUSD/JPY Chart Levels: Support 82.30..80.80..80.50..80.21. Resistance 83.80..84.41..85.00..85.40. Last week’s ‘bearish engulfing’ candle well ahead of Fibonacci retracement resistance adds a little weight to our view; we feel this pair is in a consolidation phase where we are in the process of establishing a new interim high. It will probably be a slow, drawn out process so do not expect a re-test of this year’s low at 80.21 this month. We then expect a broadly sideways move between 80.00 andFri, 03 Dec 2010 16:40:13 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-12-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-11-29.htmlUSD/JPY Chart Levels: Support 83.55..82.75..81.60..80.21. Resistance 84.20..85.00..85.40..86.00. Rallying from November’s multi-year low at 80.21 to 84.20, rather more than we had allowed for, going from very oversold to the most overbought in months in the process. We feel this pair is now in a consolidation phase where we are in the process of first establishing a new interim high. September’s interim high at 85.95 and the 26-week moving average at 86.17 feel a long way away but areMon, 29 Nov 2010 13:58:37 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/weekly-technical-commentary/2010-11-29.html