Daily Pivots: (S1) 97.40; (P) 97.91; (R1) 98.62; More...
Intraday bias in USD/JPY stays neutral for the moment. Consolidation from 99.94 is expected continue further sideway. Downside attempt should be contained by 95.74 support and bring rebound. Meanwhile, we don't anticipate a break of 99.94 in near term. However, current up trend from 77.13 is expected to extend through 100 psychological level to 161.8% projection of 77.13 to 96.70 from 92.56 at 104.65 eventually. But note that break of 95.74 will dampen this bullish view and turn focus back to 92.56 instead.
In the bigger picture, whole decline from 124.13 should have already completed at 75.56. Stronger medium term rally could be seen back towards 101.65 key support turned resistance level. We'll see how USD/JPY responds at around 100 to judge the underlying medium term momentum for stronger up trend. Sustained break there should at least push USD/JPY through 61.8% retracement of 124.13 to 75.56 at 105.57. Meanwhile, break of 92.56 support is needed to be the first sign of medium term topping. Otherwise, we'll stay bullish.
IMOH, Clement I.
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