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USD/JPY Has Broken Above The 97.61 High

USD/JPY Has Broken Above The 97.61 High

USD/JPY

BIAS: We need a correction first before another rallyResistance: 97.83 98.15 98.30-48 98.70

Support: 97.26-33 97.13 96.94 96.77-82MAIN ANALYSIS: This morning’s gap higher has broken above the 97.61 high. It hasn’t been by much and as such we still need to be cautious in case we have seen a recycling higher. However, I do feel there is a bullish case with the hourly bullish pergence and therefore suggest considering the 97.13-30 area for any signs of a reversal higher. Back above 97.83 would extend gains to 98.30-48 at least, but take care until price breaks above 98.50 as a second correction lower does appear to be implied. COUNTER ANALYSIS: Below 96.94 should see losses towards the 96.56 low but take care there. Only breach would extend losses to 96.35-40 and to the 95.92-06 area at least. Also note the 95.60 projection target.MEDIUM TERM ANALYSIS:24th October: This does look more bearish but yesterday’s decline developed in a way that could imply some consolidation. Therefore, until the 96.56 low breaks it may be prudent to take a more neutral stance until the outlook is clarified. I am beginning to feel as if we could remain in a longer daily sideways consolidation that could last towards the end of the year. I’ll update on that depending on how this develops but right now there is no strong momentum on either side of the market…To retain any bullish potential we are now going to need a break above 99.00 and if seen it could resurrect the 99.70-80 projection target but that could be a key resistance in the consolidation.

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