Best Financial Markets Analysis Article The recovery scenario in USD/JPY recently took a knock, but bulls seem to have quickly regained their poise, and can still target higher levels, particularly on a break through the 95.00 resistance area.

The FX Trader’s view

WEEKLY CHART:

We still view the break of the bear channel top as a bull signal, but a better push through the 23.6% area would be a useful confirmation here.

DAILY CHART:

After finding resistance from the 61.8% recovery level the recent sharp shake-out last week found clear support from the key 88.00 area.

Following the impressive rebound the bullish outlook must remain in place for now - but at this stage a close above the 95.10 61.8% retracement would provide a useful boost (this would clear the 23.6% level on the Weekly chart).

S/term attention would then turn to the 76.4% level and slightly higher (and revised) Fibo projection at 98.30.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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