The USD/JPY
retraces to the upside after it broke momentarily below the 100.00 level. It is
possible for the 103.00 level to act as resistance and the pullback may end
there to bounce back down. If the prices bounces to the downside from the
100.00 level, then that zone may act once again as support. The 100.00 level
has been a zone where the Bank of Japan has intervened before; therefore,
during another visit of the price to that level, the Bank of Japan may intervene
again. To the upside, if the price breaks above the 103.00 level, then the
104.00 could also act as a resistance, due to the fact that the same zone has
acted as support in the past as shown on the daily chart.
Its really going sideways.
ReplyDeleteSideways consolidation will likely last for a while due to the extreme volatility last week.
ReplyDeleteUncertainty is in fact the situation!
ReplyDeleteThank you for the assessment.
ReplyDeleteGood post. Very helpful.
ReplyDeleteExcellent assessment, I fully agree.
ReplyDeleteI will keep eyes on the pair.
ReplyDeleteGreat take on markets.
ReplyDeleteGood post, thank you!
ReplyDelete