fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/JPY Daily Outlook  Mon Jan 06, 2014 10:57 am | |
|  USD/JPY Daily Outlook Daily Pivots: (S1) 104.32; (P) 104.59; (R1) 105.12; More... Intraday bias in USD/JPY remains neutral for the moment. Some consolidations could be seen. But again, near term outlook stays bullish as long as this support holds and another rally remains in favor. Above 105.41 will target 38.2% projection of 77.13 to 103.73 from 96.56 at 106.72 next. Though, considering mild bearish divergence condition in 4 hours MACD, break of 103.37 will bring deeper pull back to 102.49 support and below. In the bigger picture, medium term up trend from 75.56 is still in progress. Such rally should now extend to 50% retracement of 147.68 to 75.56 at 111.62. Sustained break there will pave the way to 61.8% retracement at 120.13 and above. On the downside, break of 96.56 is needed to confirm medium term topping. Otherwise, outlook will stay bullish. | |
|
