USD/JPY Bias Remains Higher
Steve Miley | Sep 16, 2014 03:07AM ET
USDJPY bullish extension threat
An inside pattern dip, but holding above minor support at 107.05/00, with better foundations seen at 106.67/65 and 1.0605.
The previous surge through the secular high at 105.48 and a key long term barrier at 105.60 (61.8% retrace of the 2007-11 bear down leg) aims for higher targets for September.
Into mid-September, the bias is still higher, for 108.00, 108.35 and 108.65.
September/ October risk is to a key high from 2008 at 110.57!
WHAT CHANGES THIS?
Below 106.65 eases bull risks; through 106.05 signals a neutral tone, only shifting negative below 104.68.
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