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Daily Forecast For USD/JPY: May 31, 2013

ByIan Copsey
Published 05/31/2013, 05:10 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
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NOTE
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BIAS:

We should see losses to 100.24-39 and 99.84-94 before reversing higher.

Resistance: 101.00 101.15 101.30-35 101.60-80
Support: 100.55 100.39 100.10 99.84-94

MAIN ANALYSIS: That was a bit of a whippy day, but overall the outlook remains the same.I am now looking for losses down to 100.39 (max 100.24) for a correction that should remain below 100.90, to then see losses down to the ideal 99.84-94 target area. This should hold and trigger a reversal higher, initially back to the 101.50-80 area.

COUNTER ANALYSIS: Only a break below 99.40 would see more sustainable losses and back to the 98.57 low.

Above 101.80 would extend gains to the 102.27-52 area at least and note the 102.75-80 pivot resistance.

MEDIUM TERM ANALYSIS:
May 30: Thursday's losses do seem constructive; while the broad 101.57-00 area caps I still feel the risk is lower to the triangle high around 99.88-01 and at mst 99.40-50. We should then see gains. A direct break above 102.58 would also suggest a more direct rally.

Only below 99.40 and 98.57 would confirm the final high is already in place, and would imply deeper losses over time.

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