It is now
very clear that at this stage there won’t be a USD/JPY rally. It appears that
the bears finally took the initiative in their hands and the long term downward
trend has been renewed.
If that
assessment is correct, then instead of the expected rally to 119+ we may see a
significant drop which could lead the pair to levels forgotten since 2013, i.e.
95.00 – 94.00 or even
much lower.
The first
support is around 108.00 - 107.50 and the pair may rebound from it to
the upside to test the resistance zone around 109.50 – 109.00.
In case it
breaks out below that first support the next strong support is the zone around 100.50
– 99.50.
I'll watch those levels, thank you.
ReplyDeleteExcellent analysis.
ReplyDeleteGood point. I'll keep a close eye on it.
ReplyDeleteI fully agree with your view.
ReplyDeleteGood insight.
ReplyDeleteGood post.
ReplyDeleteGood post!
ReplyDelete