fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/JPY Daily Outlook Fri Oct 19, 2012 10:45 am | |
| USD/JPY Daily Outlook Daily Pivots: (S1) 78.97; (P) 79.21; (R1) 79.52; Intraday bias in USD/JPY remains on the upside for the moment. Prior break of 79.22 resistance should confirm that fall from 84.17 has completed at 77.13 already. Current rise should extend to 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65) next. On the downside, below break of 78.60 minor support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish even in case of retreat. In the bigger picture, firstly, there is no sign of trend reversal in USD/JPY yet and the larger down trend from 124.13 is still expected to continue. Nonetheless, consolidation pattern from 75.56 should extend for a while below 85.51 first. In any case, we'd stay bearish as long as 85.51 resistance holds and expect an eventual downside breakout. | |
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