(99,50) The USD/YEN formed a negative day reversal yesterday but only a daily closing tonight below 99,79 will confirm a s/t top. The decline should find support at the former resistance line of the symmetrical triangle at 98,65. While below the 200 hours line, now resistance at 99,68, we could well see a test lower!! The indicators of the daily chart are still well positive but those of the s/t ones returned already all below the line supporting further consolidation/ correction. The decline confirmed a test of a s/t support line at 99,35 from where it could already resume the move up. We prefer however waiting for a deeper correction before trying a long position. We stay on the sideline.
Read the full report: USDJPY 09.12
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