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Oct 09 - 05:55 PM

USD/JPY - Bears Get Downtrend, Cloud Backing, Tenkan Now Pivotal Prop

By Randolph Donney  —  Oct 09 - 03:45 PM
  • Thursday's 106.11 EBS trend high rejected exactly at down TL from July

  • 3-day encounter with the 105.85-6.18 cloud cover also bearishly rejected

  • Makes tenkan at 105.53 more pivotal, close below eyes 105.25 kijun

  • Breakout above the cloud is needed to undermine bearish signals

  • Prices already probing today's average true range projected low at 105.63

  • Last week's October low at 104.95 is in play if Tenkan is closed below

    For more click on FXBUZ

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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