Bullish Outlook For USD/JPY?
Ian Copsey | Mar 03, 2016 12:28AM ET
USD/JPY
INTRADAY CHART
BIAS: Look for gains to reach 115.12 at least - possibly 115.53
Resistance: 113.70-80 114.05 114.25 114.55
Support: 113.14-21 112.90-02 112.65-70 112.45-50
MAIN ANALYSIS: Yesterday's early trading did see gains to 114.50-61 - as expected - from where the correction moved back to 113.35-40 - but then extended to 113.21. This deeper retracement appears to be a factor of the count and actually still retains a bullish outlook. Thus, while 113.14-21 supports we should now make our way higher to the 114.55 high and later to reach one of two potential targets, the first at 115.12 and the second at 115.53. Until we see the lower degree development I do not know which of the two it will be. There are two possibilities - that will see the next key projection between 114.98 or 115.24. Here we'll suffer another deeper correction of just over 100 points. If the 114.98 projection holds then the 115.12 projection is more likely while if the projection reached 115.24 then we'll see the 115.53 projection.
COUNTER ANALYSIS: Only directly below 113.00-10 would concern and perhaps suggest an alternative complex correction. It would be best to remain neutral until there are greater indications. Below 112.85-90 would suggest a reversal back to 112.45-50 and 112.15.
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