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Oct 12 - 05:55 PM

USD/JPY - A USD/JPY Dip Toward The Tenkan Before A 2018 High Retest Is A Buy

By Randolph Donney  —  Oct 12 - 04:10 PM
  • USD/JPY is getting closer to major resistance at 114.54/55

  • Those are the 76.4% Fibo of 2016-20's drop and 2018's high on EBS

  • Prices facing increasingly o/b daily and weekly RSIs

  • Huge upward momentum since Sept's exit fm tightest 10-wk Bollis since 2014

  • And 10-week upper Bolli is at 114.42 by the 114.54-55 objectives

  • A pullback toward the tenkan, by 112.50 on Wed, is a buy on a dip

  • Initial support at Tues's 113 low may to hold until 114 is tested

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Source:
Refinitiv IFR Research/Market Commentary

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