The USD/YEN confirmed yesterday a session of consolidation interior Friday’s range forming a new inside day with 77,15 – 76,45 the levels to follow in the coming hours/ session; a daily closing above 77,15, but better would above 77,35, will support higher levels. We had this morning already a test of the 77,35 resistance area that is for the moment limiting the upside.
The indicators of the daily chart are still in negative territory but now close to the line while those of the s/t ones are this morning above the line supporting further possible strength. Already a few hourly closing above the 200 hours line at 77,08 will support a little higher DOLL/YEN.
We keep staying on the sideline while waiting for stronger signals but overall we are slowly seeing some upside potential; in the same time we can however not forget the potential negative reversal in the hourly chart!!
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