(96,18) The USD/YEN confirmed further weakness as expected and of course another weak closing last night plunging below the 97 level on the way for a test of the 95 support area!! The drop confirmed also our s/t target at 96,75. The indicators of the daily chart are now well negative supporting lower levels and also those of the s/t ones are below the line supporting further weakness. Bullish divergences confirm the negative tone. In the s/t only a move above 96,95 will postpone the decline favouring a rebound!! While below we expect a direct extension toward next target at 95,86 with even a possible extension toward the 94,70 level where we find a potential neck line of a S_H_S formation!!
Read the full report: USDJPY 08.08
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