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The Daily Forecaster: USDJPY |
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Technical Archives |
Written by FX-Forecaster |
Mar 31 09 04:42 GMT |
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The Daily Forecaster: USDJPY
Price: 97.69
Bias: While 97.78 supports look for gains close to 98.86 again
Daily Bullish
The 98.30-37 resistance was not touched yesterday and instead we saw losses deepen all the way to the 96.20 support and just below at 95.98. However, this low should now be the spring board for the final rally to the 102.-103 target. Today should see 97.78 support and extend the immediate rally to the 98.86 high. However, this should trigger a correction and I suspect this is going to stall around the 97.42-78 area again. A break above 98.86 would provide the momentum for a retest of the 99.67 high at least...
Medium Term Bullish
30th March: We are coming towards the major cycle high and thus I see strength over the next 5-8 days but above the 99.67-95 area to go on to reach the 102.46-103.20 target.
Daily Bearish
Breach of 97.70 and then 97.38 had a big enough impact to send price all the way down to just below the 96.20 support. I am aware of the larger daily cycles finding a high and thus we do need to understand that any drop now below 97.40 and 97.03 could prove fatal. If seen then expect a retest of the 95.98 low and if it breaks then I feel we may have seen a major high already and thus expect stronger losses to 95.31, 94.80 and finally to the 93.54 low...
Medium Term Bearish
27th March: The rally continues and I feel the most we are likely to see on the downside is around 96.00-25. Thus only begin to look at stronger losses below here and 95.30… If seen it should cause a retest at 93.54. |
| Resistance |
| 101.30 |
| 100.54-76 |
| 99.52-67 |
| 98.86 |
| 98.60 |
| 98.30-36 |
| Support |
| 97.78 |
| 97.42 |
| 97.03-14 |
| 96.75 |
| 95.98 |
| 95.31 |
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Ian Copsey
FX-Forecaster
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The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
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