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USDJPY downside correction bias

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USDJPY downside correction bias

A bear gap Monday (closed up to 123.19/20), but a push below 122.44/43 leaves a more negative tone for neutral range theme for July below 121.53.

Whilst above 121.53, however, , we still see an underlying bull tone from the May breakout above the 2002 peak at 125.81.

For Today:

We see a downside bias for 122.09; break here aims for key 121.54/53

But above 123.00 aims through 123.20 closer to 123.99.

Short/ Intermediate-term Outlook - Upside Risks:

Whilst above 121.53, we see a positive tone with the bullish threat to 125.81/85.

Above here targets 129.08 and 130.00.

What Changes This? Below 121.53 signals a neutral tone, only shifting negative below 120.64.

A taster of the report above. To view the full USDJPY report with screencasts, levels and more, click here 
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2 Hour USDJPY Chart


Daily USDJPY Chart


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Tagged in: Forex FX JPY USDJPY 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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