Latest USD JPY Analysis and ForecastUpdated October 14th, 2021
Further high-level consolidation, upside risks intact
Day trade update and view
Again, a high-level consolidation on Thursday after Wednesday's prod higher to 113.80 and a dip but to retain bullish forces from Tuesday's push up through a key level at 113.71, from the earlier October robust rally through the peak at 112.08 and the 2020 high at 112.23, leaving risks to the upside for Friday.
Day trade setup
- We see an upside bias for 113.80 and 114.04; a break here maybe aims towards key barriers at 114.55 and maybe 114.74.
- But below 112.98 opens risk down to 112.58, maybe towards 112.10
The mid-August push above 110.59 signalled an intermediate-term shift to a bull trend.
- Upside risks: We see an intermediate-term bull trend to aim for 111.66/72 and 112.23.
- What changes this? Below 110.79 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.
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