Daily Pivots: (S1) 87.48; (P) 87.92; (R1) 88.23; More..
Intraday bias n USD/JPY remains neutral for the moment and some consolidations could be seen below 88.40 temporary top. But recent rise should resume sooner rather than later as long as 86.76 minor support holds. Above 88.50 will extend current rally to 90 psychological level next. On the downside, below 86.76 minor support will indicate short term topping and bring deeper pull back before staging another rally.
In the bigger picture, the strong break of 85.51 resistance serves as an indication of long term trend reversal. That is whole decline from 124.13 could have already completed at 75.56. The close above 5 months EMA (now at 87.56) affirms this bullish case. Stronger medium term rally could be seen back towards back towards 101.22 key support turned resistance level. In any case, we'll now stay bullish as long as 84.17 resistance turned support holds.
IMOH, Clement I
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