Tuesday, June 16, 2015

DAILY FORECAST FOR USDJPY

INTRADAY CHART
BIAS: While 122.78-92 supports we should see gains resume

Resistance: 123.65-81 124.05-15 124.31 124.53-66
Support: 122.92-13 122.78 122.45 122.13-30

MAIN ANALYSIS: What a dull day and leaves the analysis the same as the past two days: 
It still be prudent to allow for 122.78-92 in any correction. Basically, there's no change - we should be looking for gains back above 124.15 and probably to the 124.53-66 area (potentially 124.87). It doesn't really matter which level is reached but the correction from one of these targets should not be too deep - perhaps around 25 points only. This should set up rally to 125.25-45 approx. We should be expecting to see bearish reversal indications around there for a correction lower.

COUNTER ANALYSIS: On the unlikely break below 122.75 it would suggest losses to the 122.45 low - and potentially 122.13 and also note 121.70-77 and 124.35-45.

MEDIUM TERM ANALYSIS:
11th June:  While it was within the broad range of this correction, the drop to 122.45 was deep one and we may need to allow for 122.13-30. (There's even 121.35-45 although I don't see the structure can quite get there.) The key resistance is at 123.52 that marks the line between follow-through higher and a final dip to 122.13-30. Overall this should see a rally above 125.85 but this will need confirmation as the rally develops.

Good trading
Ian Copsey

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