Steve Miley, MSTA
MarketChartist
USDJPY bull trend extension bias into October
Another nudge to a new recovery high to eye key targets into early October, already a nudge this morning above a key upside targets at the psychological/ option resistance at 110.00.
Consolidation activity this week has formed new supports at 109.13/07, above 108.50/47, ahead of better support at 108.25, to leave upside risks intact this week.
This leaves risk now to the key high from 2008, 110.57, with risk for an early October test.
Above here sees overshoot risk to further targets at 111.35 and 111.95.
WHAT CHANGES THIS?
- Below 108.47 eases bull risks; through 108.25 signals a neutral tone, only shifting negative below 106.81.
4 Hour USDJPY Chart
Monthly 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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