INTRADAY CHART FOR USD/JPY
BIAS: This has potential for constructive gains but needs a little more confirmation
| Resistance: | 120.34-44 | 120.51-61 | 120.80-00 | 121.23 |
| Support: | 119.75-80 | 119.54 | 119.24 | 119.05 |
MAIN ANALYSIS: Yesterday's development formed the potential base for a firmer rally. We now need to see the 119.75-80 area support to allow gains to move back above the 120.34-44 area to extend gains to 120.51-61 and following a minor correction, to the 120.80-00 area - basically holding below the 121.23 high. This should trigger losses - and we'll need to ensure this is corrective. Assuming we then see gains above 121.23 the rally should continue to around 121.71 and maybe as high as 122.26.
COUNTER ANALYSIS: On the downside, a break of 119.50 would concern and then suggest potential for losses of 118.90-05 to extend losses back to 118.75 and then 118.24-44 at least … but if the downside develops it could be quite firm.
MEDIUM TERM ANALYSIS: 29th September: This continues to look like one long, slim triangle although I've seen these develop and then break in the opposite direction... The 119.60-69 area and 119.05-20 area is the key on the downside with breach extending losses... On the other side, a break above 121.23 and 121.63 will edge this closer to the Wave [b] at 125.27...
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