Steve Miley, MSTA
MarketChartist
USDJPY bullish extension threat
An inside pattern dip, but holding above minor support at 107.05/00, with better foundations seen at 106.67/65 and 1.0605.
The previous surge through the secular high at 105.48 and a key long term barrier at 105.60 (61.8% retrace of the 2007-11 bear down leg) aims for higher targets for September.
Into mid-September, the bias is still higher, for 108.00, 108.35 and 108.65.
September/ October risk is to a key high from 2008 at 110.57!
WHAT CHANGES THIS?
Below 106.65 eases bull risks; through 106.05 signals a neutral tone, only shifting negative below 104.68.
Daily 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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