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Oct 26 - 05:55 PM

USD/JPY - Fade Trade Off To A Perfect Start, Lower Lows Now Needed

By Randolph Donney  —  Oct 26 - 03:15 PM
  • Key resistance cluster by 105.05 offered an attractive short entry

  • USD/JPY's 105.055 EBS high exactly at kijun, 50% Fibo of Oct. 20-21 tumble

  • Adding weight are nearby tenkan and October lows prior to the Oct. 21 dive

  • Shorts now need the string of higher lows since Oct. 21 to be broken

  • The 76.4% Fibo of Sep-Oct rebound at 104.50 also needs to be closed below

  • Some concern today's 104.65 low was by the lower 21-day Bolli

  • More days above that Bolli point to a 21-DMA test, last 105.40 and falling

  • Oct. 19-20 pre-breakdown lows and cloud base at 105.30/31 are also hurdles

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Source:
Refinitiv IFR Research/Market Commentary

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