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Thursday's Daily Outlook For USD/JPY

Published 08/17/2017, 01:54 AM

USD/JPY INTRADAY CHART

USD/JPY 60 Min Chart

BIAS: I suspect the 109.41 - 109.80 area will support for a second 5-wave rally

Resistance: 110.23 110.45 110.69 110.94

Support: 110.02 109.75-80 109.41 109.20

MAIN ANALYSIS: Gains developed to 1 point below 110.95 - actually 110.941. Then came the snafu - a minor pullback and even more minor follow-through to reach 110.944… This formed a Wave [a]/[i] and thus we need to establish the support in Wave [b]/[i]. It could develop at any time but note the broad 109.41-109.80 support area. Once we have established this low - perhaps when EUR and GBP find a cap - then we can begin to build another 5-wave rally.

COUNTER ANALYSIS: A direct break below 109.40 would annoy - but would still have room for an even deeper pullback but should not get anywhere close to the 108.72 low…

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