USD/JPY Daily Forecast
Ian Copsey | Jul 01, 2015 11:52PM ET
USD/JPY INTRADAY CHART
BIAS: We should see a cap between 123.35-54 for losses
Resistance: 123.35-54 123.75 123.98 124.37
Support: 123.00 122.75-89 122.55-60 122.40-45
MAIN ANALYSIS: No losses, but a break above 122.90-00 that has seen a recycling to just above 123.18. This looks like extending to the 123.35 - max 123.54 - area. There is a minor hourly bearish divergence. Thus watch for bearish reversal indications for losses to move back below 121.93 and to (ideally) 121.70 (mild chance of 121.41) for a correction back to 122.24-44, before losses down to 121.36 - but allow for a buffer below. Observe for bullish reversal indications.
COUNTER ANALYSIS: Only directly above 123.55 would imply more direct gains and back to the 123.98 high and potentially above to 124.37...
Only directly below 121.00 would risk further losses..
MEDIUM TERM ANALYSIS:
29th June: This morning's losses imply we should be in the last leg lower in the correction from 125.85, and this should mean the 121.35-45 area is the most likely base for gains to resume.
Only back below 121.00 would risk deeper losses to 120.50 at least and later lower.
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