supports are seen at 76.42 and then at the record low at 75.94. On the other hand, resistance levels are seen at 77.25/52 and then at 77.70.
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supports are seen at 76.42 and then at the record low at 75.94. On the other hand, resistance levels are seen at 77.25/52 and then at 77.70.
we look for additional upside over the coming sessions back towards critical short-term resistance by 80.25. Ultimately, only a daily close back under 76.50 delays constructive outlook.
Bears broke below 1.4202, risking further weakness to 1.4150 next followed by the 1.4104 pivot low. It would take recyled strength above the 1.4328/85 area to relieve pressure and refocus on key 1.4470.
we might suppose that the price has formed the second wave in the future downside 3rd. If this assumption is correct the yen will recover further, which in turn might result in a response by the Bank of Japan, and the 3rd wave might become shortened.
the dominant trend remains bearish and S&P 500 positioning points to broad-based risk aversion, arguing for further weakness over the coming weeks (albeit not without a threat of intervention). A clear-cut entry point in either direction is not apparent for now and we will stand aside.
With the BOJ clearly stating that they favour a return of the currency towards 80 or even higher. We believe the downside in minimum whilst the topside will find stale USD long selling on bounces
USD/JPY is also seeing some selling. It seems that the professional players consider the liklihood of intervention to be quite remote.
If a M15 close above 77 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 76 sell only and do not buy. If price closes back above it again do nothing
The range 77 and 76 is neutral area, any trade done in between is personal decision and not part of this analysis
Short-term ranging persists since bounce off 75.94 record low. A triangle is now evident to warn of bearish resumption to projected 75.53/03 and 74.29 although daily divergences continue to hint basing. Above 77.70 to ease.
If a M15 close above 77.20 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 76 sell only and do not buy. If price closes back above it again do nothing
The range 77.20 and 76 is neutral area, any trade done in between is personal decision and not part of this analysis