USD/JPY Outlook: Further Upside?
FinFX | Aug 15, 2013 04:07AM ET
The pair consolidates a recent rally that commenced from 95.78 and was so far capped at 98.41, near Fibonacci 61.8% of 99.93/95.78 descend. Positive 4-hour studies favor further upside, however, gains may be limited as hourly studies lost traction and seeing immediate risk on slide below range floor at 97.85, reinforced by 55DMA, to delay near-term bulls and allow for deeper corrective pullback. Daily chart bears, however, remain intact while the price holds below main bear-trendline, drawn off 101.52 peak, currently at 99.30.
Res: 98.28; 98.41; 98.77; 99.14
Sup: 97.57; 97.40; 97.00; 96.40
Source: FinFX Daily Market Outlook (www.finfx.fi)
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