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$USDJPY More Bullish Risk on Break Above 124.44/48

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$USDJPY More Bullish Risk on Break Above 124.44/48

A significant setback and a bearish outside pattern Tuesday, but a rebound effort through midweek rejects correction risks and leaves bias for a push back to 124.44/48.

As we stated in our last report "we still favour a July bullish resolution, now above 124.48". 

For Today:

We see an upside bias for 124.48; break here aims through 124.62 for 125.00, maybe 125.38.

But below 123.54 opens risk down to through 123.36 for 122.90/85.

Short/ Intermediate-term Range Parameters: We now see the range defined by 124.48 and 120.39.

Range Breakout Challenge

Upside: Above 124.48 aims higher for 125.85 and 129.08.

Downside: Below 120.39 sees risk lower for 118.86 and 118.33/14, maybe 116.67. 

A taster of the report above. To view the full USDJPY report with screencasts, levels and more, click here 
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here


2 Hour USDJPY Chart


Daily USDJPY Chart


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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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