USD/JPY - 77.52
Dollar's rebound from 77.15 to 77.59 signals pullback
yesterday signals pullback from Tuesday's high of 77.73 has ended
earlier at 77.07 and upside bias remains for rise from August's lifetime
low of 75.95 to extend gain toward 78.30/40, however, loss of momentum
should prevent sharp move beyond 78.60/70 and bring retreat.
On the downside, below 77.00 support would indicate a temporary top is in place and may yield correction to 7670/75 but 76.42 should remain intact.
On the downside, below 77.00 support would indicate a temporary top is in place and may yield correction to 7670/75 but 76.42 should remain intact.
| Resistance | Support |
| 78.61 - 61.8% r of 80.25-75.95 78.10 - 50% r of 80.25-75.95 77.73 - Tue's high | 77.07 - Wed's low 76.72 - Tue's low 76.42 - Last Wed's low |
. USD/JPY - 77.56... Despite dlr's wide swings vs other major counterparts
y'day, the pair remained confined inside a tight range of 77.15-77.59 as traders
continued to concentrate on other G7 currencies n yen crosses.
. Having said that, dlr's broad-based strength n our repeated observations
of the rising daily technical indicators suggest the recent erratic upmove fm
August's lifetime low of 75.95 wud resume after near term sideways consolidation
fm Tuesday's near one-month high of 77.73 is over n yield further headway to
indicated upside obj. at 78.10, then 78.61, being a 'natural' 50% r n 61.8% r
respectively of the intermediate fall fm 80.25-75.95, so trading the greenback
fm long side in anticipation of such move is favoured as only a daily close
below pivotal sup at 76.42 wud abort current bullish scenario.
. Today, although dlr has maintained a firm undertone after y'day's rebound
fm 77.15 to 77.59, abv previous strg res at 77.70/73 needed to confirm aforesaid
rise fm 75.95 has once again resumed n yield subsequent gain to 78.10. Trading
fm long side is suggested n only breach of 77.00 may risk retracement twd 76.72.
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