USD/JPY recovers after being supported at 94.19. With 4 hours MACD crossed above signal line, an intraday low should at least be in place. Also, with 94.03/05 (100% projection of 97.77 to 95.11 from 96.71 at 94.05 and 61.8% retracement of 91.73 to 97.77 at 94.03) intact, we're favoring the case that fall from 97.77 is merely a correction and rise from 97.13. Such correction could have completed at 94.19 too. Intraday bias is clipped back to the upside for 96.71 resistance first. Break there will bring resumption of whole rally from 91.73 and should target 97.77 next. However, note that decisive break of 94.03/05 will argue that rise from 97.13 has completed and put focus back to this low. In the bigger picture, prior break of the falling channel indicates that fall from 101.43 should have completed at 91.73 already. The three wave corrective structure in turn indicates it's merely a correction to whole rally from 87.12. Indeed, rise from 91.73 is tentatively treated as resumption of such medium term rise. Sustained break of 101.43 resistance will confirm this case and target 100% projection of 87.12 to 101.43 from 91.73 at 106.04 next. On the downside, break of mentioned 94.03/05 cluster support will invalidate this view and suggest that whole fall from 101.43 is possibly still in progress for another low below 91.73 before completion.
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