Thursday, June 1, 2017

DAILY OUTLOOK FOR USDJPY

INTRADAY CHART
BIAS:              We should see this initial rally reach 111.25-46 for a pullback

Resistance:    110.10-17     111.25-46     111.64     111.94

Support:         110.72          110.47          110.23     109.85-90

MAIN ANALYSIS:             We saw a break below 110.87 and this triggered the final zigzag down to 110.47. From there we are seeing a rally that should reach to between 111.10-17 for a minor correction (maybe less than 10 points) and then for a follow-through in 3-waves that should reach the 111.25-46 area approx. Once seen, we should see a pullback - depth unknown. Once that low has been established we should see a second rally back above the first and could move towards the 112.13 high - perhaps above.

COUNTER ANALYSIS:    A direct break below 110.47 could test the 110.23 low. A break below would concern but I shall have to assess the final decline to 110.23 to see if an overlap could be seen but I'd still be looking for the upside overall. 

Good trading
Ian Copsey

No comments:

Post a Comment