USD/JPY: Bearish Momentum
Ian Copsey | Jan 22, 2017 11:53PM ET
INTRADAY CHART
BIAS: We should see losses down to around 113.20-40 approx
Resistance: 114.80-90 115.10-15 115.38 115.62
Support: 114.10-20 113.69-77 113.55-60 113.20-40
MAIN ANALYSIS: We have seen a deeper pullback lower that reached 114.20. Having fallen below 114.40 it has confirmed the Wave -i- at 115.62. We still have bearish momentum and therefore there is risk of losses through 114.20 and I suspect to the 113.69-77 area for a correction of around 20-40 points and then a dip to below 113.69.
COUNTER ANALYSIS: If we see losses below 113.20 it could still see losses but I doubt that it would break below 112.56. Only if that was seen would I get concerned.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.