| Resistance: | 100.49 | 100.78 | 101.05 | 101.42 |
| Support: | 99.85 | 99.43 | 99.11 | 98.60 |
BIAS: While 100.78 caps I can see risk of a move back to 99.00-11 at least
MAIN ANALYSIS: Price edged higher to the 100.48 resistance and there may even be risk of seeing 100.78. However, unless USDJPY rallies strongly I am not confident of calling it any higher. A break below the 99.85 pivot support would extend losses back to the 99.11 low and could dip just below - max 98.60... Only below here, with USDJPY also dropping sharply would extend to the 98.32 Fibo & pivot support. Break here would raise the risk of a move to the 97.03 low.
COUNTER ANALYSIS: Only an earlier break above 100.80 would suggest more direct gains to 101.42 minimum and probably the 102.35-53 area . Also then note the 103.11 projection.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
