Steve Miley, MSTA
MarketChartist
$USDJPY negative range theme; larger topping structure intact; 101.20 critical support
A probe lower as anticipated on Monday with a nudge below modest support at 101.95 to reinforce the negative bias from the Friday head fake above and then back below resistance in the 102.75/80 area, failing ahead of better topping barriers at 103.10/15.
We still see risk early this week for a test now to the 101.60 April low and below.
Moreover, given the bigger picture topping threat, the risk into early May is to aim down through key 101.20 chart props for the 200-DMA at 100.99 and 2014 low/ retrace level at 100.75/60.
WHAT CHANGES THIS?
Above 102.55 needed to ease bear risks; through 103.15 to neutral, only shifting positive above 104.15.
Daily USDJPY
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