Steve Miley, MSTA
MarketChartist
USDJPY positive range theme aims higher; risk of shift to more bullish tone
We have stated in client reports this week that “within the range, the risk is skewed higher this week, for 102.00 and maybe then to key resistance at 102.23/36!”
The push above the lower level has signalled a more constructive tone to the range theme with risk through midweek for a challenge to barriers clustered at 102.22/28/36.
Only above the higher level would signal a more bullish shift and we see a likely stall here on a first test.
Only back below 101.70/65 set a more defensive range theme.
WHAT CHANGES THIS?
Upside: Above 102.36 signals a bull tone for 102.65 and 102.80 targets.
Downside: Below 101.06 signals a bear tone for 100.75 and 100.00 targets.
4 Hour USDJPY Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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