The recent break through 1.0710 confirms the reversal below 1.0780 and my outlook remains negative, for a slide towards 1.0580. Initial intraday resistance lies at 1.0710.
USD/JPY Current level - 115.24
My outlook here remains bullish, for a break through 115.65 hurdle, towards 116.70 area. Initial intraday support lies at 114.80, followed by 114.10.
The breakthrough the crucial 1.0740 signals a positive bias, for a rise towards 1.0870 resistance zone. Initial intraday support lies at 1.0770, followed by 1.0740.
The intraday bias remains bearish, as the pair is currently testing the dynamic support around current levels. Crucial on the upside is 1.0750 and only a break through the latter will reinstate the positive outlook for 1.0870.
Yesterday's rebound above 1.0640 signals a reversal of th slide form 1.0828 peak and my outlook is already bullish, for a rise towards the mentioned high. Crucial support is still projected at 1.0620.
Yesterday's second failure at 1.0700 resistance led to a new slide to the lower boundary of the 1.0640-0700 range. An eventual break through 1.0620 crucial support will challenge 1.0580 zone.
Yesterday's rise peaked below the dynamic resistance at 1.2520, but the overall outlook remains positive, for a rise towards 1.2610. Crucial on the downside is 1.2435.
The downtrend is intact, currently testing 1.0520 support zone and next hurdle lies at 1.0450. Crucial on the upside is 1.0560 and only a violation of that level will signal a reversal of the slide.
The downtrend has been reversed at 1.0493 low and the intraday outlook is positive, for a rebound towards 1.0602, en route to 1.0630 resistance area. Initial minor support lies at 1.0530.
