The Daily Forecaster: USDJPY
Price: 90.43
| Resistance |
90.60 |
90.93 |
91.19 |
91.44 |
91.60-87 |
92.14-42 |
| Support |
90.10 |
89.62-85 |
89.40 |
89.02 |
88.45-76 |
88.13 |
Bias: Mixed It's not the clearest of pictures but while 90.10 supports we should see 90.93 at least and maybe 92.14
The underlying MT direction is neutral while the daily bias is bullish. Caution is advised but there is a mild preference for gains within a consolidation. However, be aware of the risk of choppy price action that could hit stops. Therefore take note of both daily & MT S&R and confirm any bullish trade with bullish set up patterns. It would also be advisable to study both lower and higher time frame charts for evidence to support bullish trades.
Consider buy set ups at: 90.10-35 or 90.93-19
Consider sell set ups at: 92.14-42 or 90.00
Daily Bullish
Yesterday's follow-through higher was almost as expected but stopping slightly short of the 90.92 target. We still have to keep this level in mind but I feel we are running out of time to see the follow-through to 92.14… At the most I would not want to see any further than 90.10 in this correction else an alternative and more bearish structure will be implied. Therefore, watch this support and as long as it holds a move back above 90.60 & 90.93 could even trigger a rally as high as the 92.14 target (allow a little more) by the end of today.
Medium Term Bullish
11th March: If this is to push through to 92.14 then I feel it must do so either by today or tomorrow with 90.10 the expected max downside.
Daily Bearish
While I have found the upward structure more aligned with a retest of the 92.14 target I have also noted that yesterday's high was a common retracement target in the 92.14-88.13 decline. If we get a break below 90.10 I would begin to get quite concerned as it would appear to imply quite a bearish outlook - more quickly than I had previously entertained. Therefore, watch the 90.10 area closely and if broken begin to look for bearish set ups on any retracement. Below should quickly retest the 89.62 low and below there should provoke follow-through to 89.02 and below.
Medium Term Bearish
9th March: 89.52-62 should be the base for the move up to 92.14. Either look to sell once 92.14 is reached once again or on a break below 89.50.
Ian Copsey
FX-Forecaster
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