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USDJPY Bias is Still Higher, for 108.00, 108.35 and 108.65

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USDJPY Bias is Still Higher, for 108.00, 108.35 and 108.65

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.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/USDJPY.pdf

 

Daily USDJPY Chart

b2ap3_thumbnail_USDJPY1.png

Monthly USDJPY Chart

 

b2ap3_thumbnail_USDJPY2.png 

 

 

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Tagged in: Forex FX Japanese Yen USD Yen

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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