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 USD/JPY Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: USD/JPY Daily Outlook   Mon Mar 24, 2014 8:33 am



USD/JPY Daily Outlook

Daily Pivots: (S1) 102.00; (P) 102.22; (R1) 102.44; More...

No change in USD/JPY's outlook. The correction from 100.75 should have completed with three waves to 103.75 already. Decline from 105.41 should be resuming soon. Hence, we'd expect recovery from 101.20 to be limited below 103.75 and bring fall resumption. Below 101.20 will send USD/JPY through 100.75 to 100% projection of 105.41 to 100.75 from 103.75 at 99.09. Also, decisive break of 100.61 key support will have larger bearish implications.

In the bigger picture, medium term up trend from 75.56 is in form of a five way impulsive move with rise from 96.56 as the fifth leg. There is no confirmation of reversal yet but a medium term top should be near, if not formed. Decisive break of 100.61 support will argue that USD/JPY has already topped out in medium term at 105.41 and should bring deeper fall back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we'll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.
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