Bias: This does seem to have a stronger bullish structure but wait for break of 133.41
Price declined to 131.50 and from there has rallied to the other end of the key range I detailed yesterday at 133.41. Of course we need to watch USDJPY carefully and a break above 95.35-50 should see the 133.41 high broken. If seen then look for follow-through to 133.96 minimum and probably 134.43 (max 134.81.) Take care as this could hold in a very deep pullback. Thus only above 134.81 would extend to 135.52-59 at least. Also note resistance at 136.40 & 137.40.
26th May: This hasn't been particularly clear and we should still keep an eye out on USDJPY. A break above 95.25-50 would provoke a deeper recovery that may well reflect here also. Above 133.41-85 sees 134.81 again and potentially 135.59.
We'll have to wait and watch what happens at 133.41 first. While it holds we could see a reversal lower although I'd still prefer to look for a selling area potentially around the 134.81 corrective high. Only an earlier break below 132.95 would provide a pullback at the very least to 132.10-20 and possibly the 131.50 pivot area again. It is here that any reversal lower will be confirmed. If break is seen look for losses down to 129.80-130.27.
27th May: It's still all a bit unclear but I am basically MT bearish but waiting for confirmation and until we get below 131.50 and 129.71 there is still risk of consolidation. Once below 126.96 the decline should resume.
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