Steve Miley, MSTA
MarketChartist
USDJPY bear threat intact for key 100.80/75 supports
Despite a bounce, the latter week breakdown through 101.43 and 101.20 maintains negative pressures from the stall back from the 101.85 spike high.
This activity reinforces the bear theme from June and leaves risk for a downside extension below 101.08/06 this week.
We see modest resistance at 101.46 and 101.53, but look for the 101.81/85 area to cap upside.
Through 101.06 support targets the 100.80 (May) and 100.75 (2014) lows.
Overshoot threat for late July is to the retrace/ psychological target at 100.00
WHAT CHANGES THIS?
Above 101.58 eases bear pressures, through 101.85 signals a neutral tone, only shifting positive above 102.36.
4 Hour USDJPY Chart
Daily USDJPY Chart
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