fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/JPY Daily Outlook Mon Mar 18, 2013 11:09 am | |
| USD/JPY Daily Outlook Daily Pivots: (S1) 94.82; (P) 95.54; (R1) 96.02; More.. USD/JPY drops sharply today but at this point, we'd still expect strong support fro 94.55 to contain downside and bring rebound. Though, break there will indicate that deeper correction is underway to 61.8% retracement of 90.85 to 96.70 at 93.08 and below. At this point, we'd still expect recent up trend to extend later to 100 key resistance level. In the bigger picture, whole decline from 124.13 should have already completed at 75.56. Stronger medium term rally could be seen back towards 101.65 key support turned resistance level. We'll see how USD/JPY responds at around 100 to judge the underlying medium term momentum for stronger up trend. Meanwhile, break of 90.85 support is needed to be the first sign of medium term topping. Otherwise, we'll stay bullish. | |
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