Richard Perry
Independent Analyst
The last two completed candles have painted a rather uncertain picture for the bears. The sellers have tried to pull Dollar/Yen lower, but for two straight days the support around the old 122 breakout has encouraged the buyers to return again. I still see this as being part of the process of forming the next key low on Dollar/Yen (which for some time I have said is likely to be around 122). Although the momentum indicators are still corrective, the almost “doji” candle that formed yesterday suggests a lack of decisive selling. The intraday hourly chart shows the support around 122.00 has been tested and held three times now, whilst a move above 122.70 would end a near term sequence of lower highs and open a recovery again. The key resistance remains with the 38.2% Fibonacci retracement level of 118.86/125.85 at 123.20.
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