The Daily Forecaster: USDJPY

Daily Forex Technicals | Written by FX-Forecaster | Jun 11 09 03:55 GMT |

Price: 98.16 Bias: We need a swift move above 98.43 to maintain gains for 99.12 and 99.64 else expect a dip to 96.66-80 Daily Bullish We saw the decline down to 97.08 and from there a solid bounce that could have the structure to really press through to new highs. However, the 98.00-10 area does seem to be important support and must hold to retain a directly bullish stance. If so, a move back above the 98.43 high should spur price higher to retest the 98.87 high and while it could provide a brief pullback I feel the risk is higher to 99.22 at least. Take care here. If I have to state my preference then I feel that the 99.64-74 area is a more likely stalling point... Only above there extends to 100.42. Medium Term Bullish 10th June: The manner in which the move higher is developing does seem more corrective in nature and as such while I can see potential for a move to 99.64-74 I feel this may hold. Thus, only a break above here would open up 100.42-71 and maybe the 101.43 high... Daily Bearish The support between 96.80-97.10 held perfectly and we have seen a solid recovery but price seems reluctant to push higher. The 98.00-10 support looks crucial here and any breach of this support area would generate a deeper pullback at the very least. If seen then we should note the 97.70 pivot support, break of which would maintain the downside for 97.08 again but I feel then a dip to 96.66-80 is more likely. Take care if seen as this could hold. Only breach extends losses to around 96.02. Medium Term Bearish 10th June: I still see this decline as more corrective in nature and only a break of 96.02-13 would cause me to revert to a bearish stance for a move back to 95.02, maybe 94.44-56 en route 93.84 and below. Resistance 98.43 98.87 99.22 99.64 99.92 100.42 Support 98.00-10 97.70 97.49 97.08 96.66-80 96.13 I shall be presenting a seminar in Hong Kong on Saturday 27th June at the Excelsior Hotel in Causeway Bay. Please see http://www.earlthorn.com/ for details. Ian Copsey FX-Forecaster Legal disclaimer and risk disclosure The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.