Bias: As with GBPJPY there may be risk of the correction reaching 76.24-49 but while this caps I remain bearish
Losses resumed directly and stalled 10 pips above the 74.66 support from where we have seen a moderately firm pullback. It is unclear whether this is complete but while the 95.58 low remains intact we could still see a small extension higher into the 76.24-49 area. However, if seen I feel it will hold. Thus, any stronger bullish stance will require a break above 76.50 and if seen the immediate move should be back towards 76.93 and while we should exercise some care here I feel the 77.45 resistance is more likely to be reached. Only above here would take us back towards the 78.00-38 area.
7th July: Only back above 76.50 and then 77.45 would provide any argument for a stronger pullback to the 78.30-38 area again.
Losses were strong and I feel the rally from the 74.76 low is a correction only. This may have completed but we should be aware that a full retracement could see a move into the 76.24-49 resistance area. If seen we should look for a bearish reversal pattern. From here I will be looking for losses to resume once again, initially back to yesterday's 74.76 low around where we should see a small correction. Overall the targets appear to be around 73.66-84 at least but I tend to feel the 73.11-31 area is the stronger target but should hold.
6th July: While 77.10 at the most holds (and this may hold below 76.00) we should see losses extend to 73.11 at least. Also note further projections at 71.10 and 69.85 ï¿½ï¿½
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