USD/JPY Needs A Pullback Before Further Gains
Ian Copsey | Jun 29, 2016 12:38AM ET
INTRADAY CHART
BIAS: We need a pullback before further gains.
Resistance: 102.84 102.95-15 103.29-46 103.73-00
Support: 102.25 102.10 101.75-85 101.39
MAIN ANALYSIS: So far so good. Momentum is bullish, price is now above the 4-hour Price Equilibrium Cloud and - so far - we have seen an impulsive development but still in process. This looks like seeing losses initially - to around 101.75-102.10 - I tend to feel the lower area. Watch for bullish reversal indications. On this next rally we should see gains back to 103.29 or 103.46 at least. If the early pullback doesn't reach 101.75 then the next rally may be able to move above 103.46 - the next target at 103.73. However, the correction shouldn't be too deep ...
COUNTER ANALYSIS: A break below 101.75 would frustrate even further and could see losses towards 101.39.
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