USDJPY has climbed higher in its range, but we look for this near-term strength to ideally cap below 101.81/85 – price, 61.8% retracement of the decline from early to mid-July and the 55-day average resistance – to keep the immediate risk lower. Further weakness should see a move to the early July low at 101.06, followed by a challenge of more important support from the lower end of the medium-term range at 100.85/75. Only below this latter area would mark a large top, aiming at 99.64 initially – the 50% retracement of June 2013/Jan 2014 rise. Immediate resistance shows at 101.61/66. Above 101.81/85 is needed to form a small base to aim at the July high at 102.28. Strategy: Short, stop above 102.41, for 100.85.
Posted on: Wed, 23 Jul 2014 10:12:49 +0000
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