USD/JPY: Looking For A Corrective Low
Ian Copsey | Jul 22, 2015 12:00AM ET
USD/JPY INTRADAY CHART
BIAS: We should see 124.00-25 caps for further losses
MAIN ANALYSIS: The 124.40-57 area capped perfectly and saw another perfect first reversal back to the 123.65-75 area. I suspect we'll see the 124.00-25 area cap for losses below 123.65-75 and for losses to extend to the next support around 122.91-123.20. Expect a correction from here also.
Below, note the 122.50-70 congestion area and also 121.76-00.
COUNTER ANALYSIS: Only a break above 124.47 would extend gains to 124.80-85 and potentially towards 125.12-36, with the 125.85 high the next barrier.
MEDIUM TERM ANALYSIS:
22nd July: We have seen the rally stall in the expected mid 124's, and should now see losses back to 122.50-70, at least - possibly 121.76-00. There are deeper retracements, but this will need observation as the correction develops. Overall, we should be looking for a corrective low.
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