(95,28) The USD/YEN confirmed a negative closing but it failed yet to confirm a closing below the suggested neck line of a possible S _ H _ S formation, today at 95,24. Only a closing below this line if not even, at this point, below 95,00 will confirm lower levels!! The indicators of the daily chart are still well negative close to the oversold area but also those of the weekly one are negative after having confirmed a triple top formation. The indicators of the s/t charts are above the line this morning supporting a correction. An hourly closing above 95,80 will even support an extension of the correction with the 200 hours line, now at 97,60, the possible attraction!! In the hourly chart we have a small reversed S_H_S formation with the neck line at 95.70: therefore already an hourly closing above 95,70 will signal higher levels!! A possible move up is corrective and a selling opportunity for a drop toward 91,50!!
Read the full report: USDJPY 06.14
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