fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/JPY Daily Outlook  Mon Jun 24, 2013 11:50 am | |
|  USD/JPY Daily Outlook Daily Pivots: (S1) 97.08; (P) 97.61; (R1) 98.35; More... USD/JPY rises to 98.69 so far today and intraday bias remains on the upside for 99.28 resistance first. Break will confirm that correction from 103.73 has already finished at 93.78. In such case, stronger rally should be seen back to retest 103.73. On the downside, below 96.86 minor support will turn bias back to the downside and extend the correction from 103.73. But in that case, we'd expect strong support from 92.56 and bring rebound. In the bigger picture, current development argues that rise from 75.56 might have finished at 103.73 on bearish divergence condition in daily MACD. In such case, USD/JPY would be turning into sideway consolidation below 103.73 but downside will likely be contained by 92.56 support. Eventually, we'd expect the up trend to resume later after completion the consolidation. However, break of 92.56 will bring deeper correction to 61.8% retracement of 77.13 to 103.73 at 87.29. | |
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