USD/JPY Daily Outlook 

usd-jpy

USD/JPY recovered after dipping to 100.82 and intraday bias is turned neutral first. As long as 102.36 resistance holds, deeper decline is still expected. Break of 100.75 key support will confirm resumption of whole decline from 105.41 and should target 100.75 and then 100% projection of 104.12 to 101.32 from 103.01 at 100.21 However, note again that 100.61/75 represents a key support zone. And, bullish convergence condition is seen in 4 hours MACD. Break of 102.36 will indicate near term bottoming and turn bias back to the upside for 103.01 and above.

In the bigger picture, medium term up trend from 75.56 is in form of a five way impulsive move with rise from 96.56 as the fifth leg. There is no confirmation of reversal yet but a medium term top should be near, if not formed. Decisive break of 100.61 support will argue that USD/JPY has already topped out in medium term at 105.41 and should bring deeper fall back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we’ll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.

USD / JPY 22-05-2014

 

 

USD / JPY 22-05-2014 2

Source: AF

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