fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/JPY Daily Outlook  Mon Oct 22, 2012 12:12 pm | |
| USD/JPY Daily Outlook Daily Pivots: (S1) 78.97; (P) 79.21; (R1) 79.52; USD/JPY jumps to as high as 79.66 so far today. Intraday bias remains on the upside. As noted before, fall from 84.17 has completed at 77.13. Current rise should target 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65) next. On the downside, below 79.20 minor support will turn bias neutral and bring retreat before staging another rise. 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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