Long-Term Levels
- 89.45 Last Week’s high
- 86.90 Weekly 23.6% Fibonacci
- 86.83 Last Week’s Low
- 86.71 Daily 23.6% Fibonacci
- 84.81 200 Week Moving Average
The USD has had a huge run vs. the Yen but has retraced to good support at 87.80 where it has held. We should see a rally into the end of the week, now, back up to 88.73/87. A push through 89.00, then, sees us heading for a retest of the highs at 89.50/67.
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The daily picture however is more negative now and so any strength before the end of the week should be an opportunity for es- tablishing shorts with further losses then possible next week. A break of 87.60 could see 87.20 on the way to better support at 86.64/86.52. We will look to take profits on shorts here and buy back in to longs with a stop below 86.20.