fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/JPY Daily Outlook  Thu Nov 07, 2013 9:03 am | |
|  USD/JPY Daily Outlook Daily Pivots: (S1) 98.45; (P) 98.60; (R1) 98.80; More... Intraday bias in USD/JPY remains neutral for some more consolidations below 98.84 temporary top. With 97.80 minor support intact, another rise is mildly in favor. Above 98.84 will target upper trend line resistance (now at 99.82). We'd be cautious on strong resistance from there to bring reversal. On the downside, though, below 97.80 minor support will turn bias to the downside for 96.94 support instead. Overall, USD/JPY is still bounded in consolidative pattern in converging range since 103.73. More sideway trading would be seen. In the bigger picture, USD/JPY made a top at 103.73 and turned into consolidations. Some more sideway trading would be seen below 103.73. In case of another fall, downside will likely be contained by 92.56 support and bring rebound. Rise from 103.73 is expected to resume after the consolidation. | |
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