USDJPY Outlook |
Written by ActionForex.com |
Mar 06 13 14:13 GMT
USD/JPY Mid-Day Outlook
Daily Pivots: (S1) 92.95; (P) 93.24; (R1) 93.57; More..
Intraday bias in USD/JPY is neutral for the moment. While recovery from 90.85 may extend, we'd expect upside to be limited by 94.55 resistance and bring another fall to extend the consolidation. Below 92.43 minor support will flip bias back to the downside for 90.85 and below. Though, in any case, downside of the consolidation should be contained above 88.05 (38.2% retracement of 77.13 to 94.55 at 87.89) and rally resumption. Above 94.55 and sustained break of 95.00 will pave the way to 100 psychological level next.
In the bigger picture, whole decline from 124.13 should have already completed at 75.56. Stronger medium term rally could be seen back towards back towards 101.22 key support turned resistance level. In any case, we'll stay bullish as long as 84.17 resistance turned support holds.
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