Daily Pivots: (S1) 97.21; (P) 97.80; (R1) 98.51; More...
Intraday bias in USD/JPY remains mildly on the upside for 99.94. But then, decisive break there is needed to confirm up trend resumption. Or consolidation from there would still extend with more choppy sideway trading. Break of 100 should send USD/JPY to 161.8% projection of 77.13 to 96.70 from 92.56 at 104.65. Meanwhile, below 97.00 will turn bias to the downside for deeper fall. But in that case, downside should be contained by 95.74 and bring rebound.
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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