USD / JPY Daily Outlook | Forex action

Daily pivots: (S1) 107.40; (P) 107.65; (R1) 108.00; More...

The USD / JPY remains in a narrow range above 106.91 and the intraday bias remains neutral first. On the downside, a break out of 106.91 will extend the drop from 111.71 to a 100% projection from 111.71 to 106.91 from 109.38 to 104.58. On the upside, a breakout of 109.38 would suggest that the fall of 111.71 is complete. The intraday bias will rise again for the resistance zone 111.71 / 112.22.

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Overall, at this stage, the total decrease of 118.65 (December 2016) continues to display a corrective aspect, with good pipeline. There is still no clear sign of completion. The breakout of 101.18 would target 98.97 (2016 low). At the same time, a sustained breakout of 112.22 should confirm the completion of the decline and make the outlook bullish for 118.65 and above.


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